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Burning a hole in their pockets

With the latest JLBC monthly fiscal highlights showing revenues exceeding projections to the tune of $233 million, talk of budget revisions has increased among Republicans in the Legislature. Several Republicans said if the Legislature has to go into a special session for redistricting, or any of the other looming issues that could lead to a special session, they want the governor to include budget revisions in his call.

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If things were better, it would be worse

Some lawmakers are kicking around the possibility of delaying the implementation of the phased-in tax cuts that were part of the 2011 Arizona Competitiveness Package. But thanks to the sluggish economy, the fiscal impact of those cuts is smaller than JLBC anticipated when the bill was passed.

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Fat stacks of cash

Thanks to a significant uptick in tax collections that began in the last half of FY11, JLBC is now estimating the surplus for FY12 will be $510 million, though it seems likely that number will rise in the coming months.

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