Arizona reports improved year-end budget figures
Published: July 23, 2012 at 3:15 pm
The legislative budget staff says tax revenue was $145 million more than anticipated during the fiscal year that ended June 30.
Meanwhile, spending was $112 million less than expected. Factors included slower than anticipated growth in K-12 school enrollment and a faster than expected decline in Medicaid enrollment for adults without children.
The budget already assumed a $122 million surplus, so the new spending and revenue figures add up to a $379 million surplus.
Budget-writers figure that the just-started new fiscal year also will have a surplus but that the next one will have a shortfall.
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