By Griselda Zetino | KTAR
Arizona’s economy has performed better than anticipated since the start of the coronavirus outbreak, but the state is still projected to see a massive economic hit, according to the Legislature’s top budget analyst.
In April, the Joint Legislative Budget Committee projected the state budget would be slashed by $1.1 billion by next summer because of COVID-19.
“We now estimate that amount to be closer to a shortfall of $700 million,” committee director Richard Stavneak said.
The reduction in the latest budget projections is a result of the state revenue not falling as much as previously estimated.