Arizona Faces Estimated $1.1B Budget Shortfall Due To Virus
The Legislature's top budget analyst says Arizona faces an estimated $1.1 billion budget shortfall in the coming year because of the massive economic hit triggered by the coronavirus outbreak.
Richard Stavneak says there is so much uncertainly around state revenue that the hit could be $500 million more for the budget year that begins July 1 or $500 million less. A lot depends on how quickly the state and nation recovers from business and personal income slowdowns caused by the response to the virus. The loss equals nearly 9% of the state’s total general fund spending in the current year of $11.8 billion.