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Debt Dilemma

Debt Dilemma

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.

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Brewer boasts better-than-expected budget surplus

Brewer boasts better-than-expected budget surplus

Gov. Jan Brewer touted a year-ending budget surplus that’s about $200 million more than was expected, which the governor attributed to the improving economy and her “sound fiscal leadership.”

In a press statement on Monday, Brewer said the state had an estimated cash balance of about $895 million at the end of fiscal year 2013. The budget approved by lawmakers and Brewer in June estimated a surplus of about $694 million.

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Governor, lawmakers will need to reconcile budget estimates

Gov. Jan Brewer today laid out her spending plan, but before she can hammer out a deal with lawmakers, the two sides will have to reconcile their revenue projections for the next few years.

Right now, their only clear agreement is that, barring another economic downturn and events beyond the state’s control, revenues will climb steadily, albeit slowly.

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