Gov. Doug Ducey is proposing to add a billion dollars to Arizona’s outstanding borrowing load of $7.3 billion, a dramatic leap into indebtedness, and yet the opposition to it has been mostly muted, even from groups that traditionally balk at borrowing.Read More »
With $3.7 billion in trade between Arizona and Canada, our neighbors to the north play a significant role in the state’s economy. That’s why the Arizona Bankers Association is pushing a bill to encourage Arizona financial institutions to lend more to credit-worthy Canadian borrowers seeking to do business here.Read More »
2010 decision to mortgage state’s assets threatens cash reserves
Borrowing billions of dollars allowed Arizona to limp through the worst financial crisis in its history. But the decision to mortgage state assets that include the House and Senate buildings has an unwanted underside: It precludes the state from having significant cash reserves.
Most state lawmakers insist they had no other choice than to borrow billions of dollars to keep Arizona government running during the past few years. The reality, however, is that they had a couple of options – they just didn’t like them.Read More »
Arizona's race for governor sharpened today as Democratic nominee Terry Goddard said he'd use additional borrowing to close most of the state's midyear budget shortfall without resorting to education funding cuts that he charged Republican Gov. Jan Brewer is poised to make after the election.Read More »
The state trust fund that pays for jobless benefits is expected to run dry this week. That will force Arizona to borrow money from the federal government until unemployment subsides.Read More »
Arizona is on track to complete a big financing deal needed so the cash-short state government can pay its bills during February, officials said Jan. 6. The Department of Administration said it plans to complete approximately $735 million of sale-leaseback financing for prisons, legislative buildings and other state properties this month.Read More »