Arizona Revenue Growth Exceeds Expectations
Arizona’s budget is flush with cash. Legislative budget analysts report that revenue growth for Arizona's state government is well above collections during the last fiscal year and projections for the current one.
The budget staff's latest monthly report says September's general fund revenues of $1.16 billion grew by nearly 12% and were just under $120 million above the month's enacted forecast.
According to the analysts, general fund revenues so far this fiscal year are 8.7% above the prior year and nearly $180 million above the enacted forecast.
The analysts say September saw "strong growth" in all major revenue categories, including the sales tax collections and the individual income tax. But, they caution there's "significant uncertainty" in how state revenue collections will perform in the fiscal year's second half due effects of federal tax code changes.