In January, Governor Ducey released a fiscally-conservative, balanced budget that makes targeted investments in the areas that matter most while planning for the future and strengthening Arizona’s fiscal position.
In his inaugural address earlier this year, Governor Ducey said:
Today, it’s not by accident I stand before you with the largest projected budget surplus in a decade. But we’re not going on a spending spree. We’re going to live within our means. We’re going to fulfill teacher pay raises, and we’re going to be better prepared for the next downturn so it doesn’t become a calamity.
Here are the top nine facts you need to know about Arizona’s fiscal year (FY) 2020 budget →
Strengthening Arizona’s Fiscal Position. It’s not by accident that Arizona has gone from a $1 billion deficit to a $1 billion surplus over the last four years. This year’s balanced budget continues to strengthen Arizona’s fiscal position and make targeted investments in the things that matter.
Preparing For The Future. Experts say Arizona is not saving enough. The fiscally conservative budget calls for depositing over half the $1 billion surplus into Arizona's Rainy Day Fund, bringing the fund to a record-breaking $1 billion.
Learning From The Past. Arizona is in a much improved fiscal position, but we aren’t going on a spending spree. In addition to putting half of the surplus into the Rainy Day Fund, only 20 percent of the surplus goes toward ongoing investments.
Keeping Spending Low. Since Governor Ducey took office, Arizona’s budgets have had an average spending growth of only 4.5 percent, including the FY2020 budget, compared to an average spending growth of 11 percent from FY 2004-2008.
Paying Off Recession-Era Debt. Since taking office, Governor Ducey has prioritized reducing the state’s debt, reducing the General Fund debt by $810 million. The FY 2020 budget continues to make good on that priority by refinancing more Recession-era debt, saving $109 million over the next decade.
Investing New Dollars Into K-12 Education. A total of 63 percent of the budget is dedicated to K-12 funding, with $637 million NEW dollars going to Arizona’s K-12 public schools. Learn more about the K-12 investments like the second phase of 20 percent teacher pay raises, results based funding, the restoration of district and charter additional assistance and more HERE.
Rewarding Our Public Safety Personnel. The budget includes $74 million to provide well-earned raises to Arizona’s brave women and men in uniform who put their lives on the line. Learn more about the public safety pay raise package HERE.
Enhancing Arizona’s Infrastructure. The budget prioritizes improving Arizona’s infrastructure with investments in expanding Interstate 17, enhancing our ports of entry, developing rural broadband internet and MORE.
Maintaining A Structural Balance. While making investments in the things that matter most to Arizonans, like public safety, child safety and education, the budget maintains a structural balance of $244 million. That’s #AZAwesome.