Report: Record-spend­ing Ari­zona bud­get out­pac­ing rev­enue

(The Cen­ter Square) – Ari­zona is on track for a $400 mil­lion deficit in June at the end of fis­cal year 2024, accord­ing to the Joint Leg­isla­tive Bud­get Com­mit­tee.
How­ev­er, the short­fall is not expect­ed to last long, as the com­mit­tee esti­mates that things will turn “pos­i­tive” by fis­cal year 2027. They antic­i­pate there will be a $450 mil­lion then will get small­er in fis­cal year 2026.
The com­mit­tee noticed that tax rev­enue of var­i­ous types took a dip in the first quar­ter of fis­cal year 2024, with income tax col­lec­tions drop­ping by 27.4%, or $243 mil­lion, and sales tax slow­ing down to 1.6% growth, result­ing to a $64 mill …