Fiscal Year Ending Balance Projected At $432 Million — More Than Double Anticipated Amount
PHOENIX — According to a report released by the Joint Legislative Budget Committee, Arizona recorded revenue numbers during this past fiscal year higher than any year prior.
Preliminary data indicate Arizona’s general fund revenue totaled $10.11 billion in fiscal year 2018 — a seven percent increase from the prior fiscal year and more than any other year in the state’s history. The last time Arizona revenues were this high was over a decade ago when the state’s general fund saw $9.6 billion in fiscal year 2007.
The expected revenue numbers exceed previous economic projections. The state is set to end the fiscal year with a projected balance of $432 million, more than double the anticipated $205 million.
“Arizona’s economy is booming. Digging ourselves out from the impacts of the great recession was not easy, but our state is back on the right track,” said Governor Ducey. “By getting government out of the way of job creators and entrepreneurs, Arizona’s economy continues to experience record growth.”
Read the full Joint Legislative Budget Committee report HERE.