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Budget may be facing trouble, report finds

The Tucson Citizen

Tax revenue is falling short of projections only a month after state lawmakers approved a $10.6 billion state budget, a state budget report says.

The Joint Legislative Budget Committee reports that one of the major factors leading to the decline in tax revenue is the slowdown in the housing market. The state showed a drop of 900 construction jobs in May, compared with a 10-year average gain of 2,200 construction jobs in May, the report said. The slower-than-expected tax collections could matter because lawmakers counted on and have already "spent" $530 million in anticipated surplus money for the new budget year.

Sen. Bob Burns, chairman of the Senate Appropriations Committee, said budget negotiators had anticipated a slowdown in tax collections.

Posted by Editor at July 12, 2007 09:47 AM

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