Arizona finished fiscal year with bigger surplus

Arizona finished fiscal year with bigger surplus

CREATED Sep. 21, 2012

Web Producer: Mekita Rivas

 

PHOENIX (AP) - Legislative budget analysts say Arizona finished the last fiscal year in better fiscal shape than expected.

The Legislature's budget staff reports that the latest estimate on the balance at the end of the fiscal year that ended June 30 is $427 million. That's up from $401 million previously.

The new estimate isn't the final figure because of ongoing accounting work. A final figure will be released later this year.

Meanwhile, the budget staff says state revenue in August declined for only the second month since the beginning of the 2010-2011 fiscal year.

General fund revenue in August totaled roughly $620 million. The budget staff says that's a $3 million drop from August 2011 once one-time revenue adjustments are excluded.

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