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Arizona facing estimated $700M budget shortfall due to coronavirus

Posted by   /  June 24, 2020  /  No Comments

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The reduction in the latest budget projections is a result of the state revenue not falling as much as previously estimated./Pixabay Photo

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.

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  • Published: 2 months ago on June 24, 2020
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  • Last Modified: June 24, 2020 @ 6:23 am
  • Filed Under: Coronavirus, Economy

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