Arizona’s financial picture dims

????????????????????????????????????????????????????By Mary Jo Pitzl | The Arizona Republic

The state could run a budget deficit this year of more than a half-billion dollars, and things only look worse the following year, as Arizona’s sluggish economy produces lower-than-expected tax revenue.

Revenue projections provided Tuesday to the Legislature’s Finance Advisory Committee show the state will end this budget year with a $520 million deficit and up to $1 billion deficit in the coming fiscal 2016.

The projections “can be summed up in two words: reality check,” said Rep. John Kavanagh, R-Fountain Hills and chairman of the House Appropriations Committee. “We are in for an extremely rough year.


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