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Brewer: Long-term solution to Arizona’s economic woes depends on jobs

While a temporary sales tax increase would help address Arizona's budget crisis, a long-term solution will depend on attracting firms that offer high-paying jobs, Gov. Jan Brewer told business leaders Nov. 4. "Our future pivots on our ability to create jobs, better jobs, permanent jobs and more of them," Brewer said at a Greater Phoenix Area Chamber of Commerce luncheon.

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Lottery renewal needed before state can borrow (access required)

The odds of winning the Arizona Lottery's big jackpot are about one in 175 million. The odds that lawmakers will sell off future lottery revenues for a quick cash infusion are exponentially better. As lawmakers ponder how to fix a fiscal 2011 budget deficit that is expected to top $2 billion, many are viewing lottery securitization as a last resort whose time has come.

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Arizona leaders to tackle budget at 95th Town Hall at Grand Canyon

More than 100 Arizona leaders will meet in Grand Canyon Village on Nov. 1-4, as part of the 95th Arizona Town Hall meeting, focusing on the fiscal problems of the state. The meeting, entitled "Riding the Fiscal Roller Coaster: Government Revenue in Arizona," is hosted by the Arizona Town Hall nonprofit organization, which organizes the event biannually.

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Gambling pitched as Arizona’s budget salvation (access required)

The struggling Arizona racing industry is hoping it can sell lawmakers on a proposal to help racetracks stay open and give the state hundreds of millions of dollars in new revenue. But the idea faces resistance on several fronts, as it would expand gambling by allowing "racinos" and by lifting limits on tribal casinos.

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Budget deficit now estimated at $2 billion

Legislative budget analysts said tax collections in the first quarter of the fiscal year have been so sluggish that they have revised revenue projections downward. Now, the deficit for fiscal 2010 is $2 billion. In order for the state to collect the $7.1 billion it anticipated this year, revenues would have to grow by nearly 1 percent from the prior year. However, collections are down 16 percent after the first three months.

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