Arizona ended the budget year with a $266 million surplus, a stark contrast from the $132 million deficit lawmakers had planned for.Read More »
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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.
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.
Arizona's post-recession budget situation continues to improve as the state begins a new fiscal year in better shape than had been expected. The legislative budget staff says tax revenue was $145 million more than anticipated during the fiscal year that ended June 30.Read More »
State revenues grew modestly in November even as signs of economic strains persist.Read More »