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.
