Arizona recorded most revenue ever during past fiscal year
PHOENIX (AP) — Legislative budget analysts report that Arizona’s main budget account recorded the most annual revenue ever during the fiscal year that ended just under a month ago.
The Joint Legislative Budget Committee staff reports that preliminary figures indicate that general fund revenue collections totaled $10.1 billion during the 2017-2018 fiscal year that ended June 30, compared with the previous high of $9.6 billion in the 2006-2007 fiscal year.
The 2006-2007 fiscal year was the last full fiscal year before the December 2007 start of the Great Recession, which severely squeezed state revenue and state spending.
The budget analysts say the 2017-2018 fiscal year’s ending balance is now projected at $432 million, over double the $205 million projected when the Legislature approved the budget for the fiscal year that started July 1.