State revenues were up 8.4 percent last month, compared to figures for July of 2002. But, State Budget Director Linda Luebbering says the news is not as rosy as it seems. She says when you account for some tax refund expenditures the state had last month, the growth is only about one-fourth of what it seems. Luebbering says that would put the revenue projections closer to Governor Bob Holden’s projected two percent growth, and still justifies the $240-Million of withholdings he has had to make to balance the budget.
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