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Arizona fiscal year ends on disappointing note

PHOENIX -- Arizona legislative budget analysts said the state finished its last fiscal year on a disappointing note because tax collections were less than anticipated.

The budget staff said the lower-than-expected revenue and its effect on the state's treasury means the new fiscal year could produce a $49 million shortfall instead of the expected $64 million surplus.

The estimates don't incorporate the impact of a recent court order requiring the state to increase funding for K-12 schools to include inflation funding mandated by a voter-approved law.

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