State tax revenues ran well above budget projections in April, including a big spike in individual income tax collections, the state's budget oversight committee reported Wednesday.
April revenues were $1.05 billion, or 16 percent ahead of the budget projection, the Arizona Joint Legislative Budget Committee said in its monthly report. That brought fiscal year-to-date revenues $233.1 million ahead of budget, or 2.5 percent.
The report said the most likely reason for the spike in April revenues was tax payments on higher capital gains and dividend earnings because of the robust stock market.
Retail sales tax revenues, a key indicator of economic strength, were 11.7 percent higher in April than last year and 4.9 percent higher through nine months of the fiscal year, the report said.
In its monthly assessment of Arizona's economy, the budget committee said average hourly earnings in the private sector were $22.97 an hour in March, 0.6 percent below March 2014.
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