2012 July Budget info for Arizona
The JLBC Staff reports monthly to the Legislature on the status of General Fund revenue collections and other fiscal issues. This report can be found on the following link: www.azleg.gov/jlbc.htm. Among the key points of the document:
1. During the first month of the fiscal year, July General Fund base revenues increased 6.1% from July 2011. It appears the states economy is continuing to react positively to the steps we have taken, as base revenue collections have increased during 22 of the past 24 months.
2. July revenue growth was driven by increased sales tax collections in the retail and contracting categories, along with gains in individual income tax collections.
3. General Fund collections for the month were $16 million above the enacted budget revenue forecast.
4. Last month, the JLBC Staff reported the preliminary FY 2012 ending balance as $379 million. A subsequent report revised that estimate upward to $401 million. This latter estimate is still preliminary.
5. Other budget items of interest:
The Lottery Commission reports that July sales were $49.0 million, which is $3.2 million above the prior year.
The Highway User Revenue Fund (HURF) revenues consist primarily of gasoline and diesel tax, commercial carrier fees, plus vehicle license and registration fees. HURF collections in July of $97.6 million were down $3.4 million compared to last year.
Please let us know if you have any questions.
Senator John McComish
Representative Bob Robson
Representative Jeff Dial chumly.com/attachment/9133847