AZ State Revenue Down for First Time Since March 2020
Posted by Austin Debey on June 23, 2023
Earlier this week, the Arizona Joint Legislative Budget Committee (JLBC) released the states monthly fiscal highlights for May which shows a 44% decline in revenue for the same time last year. The loss, which was the first reported loss by the state since March 2020, was $183 million below what was projected in the enacted budget forecast.
Based on the report, experts now expect revenues to be down by $175 million for the current fiscal year ending June 30.