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Updated Aug 23, 2013 - 12:05 pm

Arizona finished fiscal year with bigger surplus than expected

PHOENIX — Legislative budget analysts said the state apparently ended its
last fiscal year with approximately $200 million more cash on hand than was
expected when the current state budget was drafted last spring.

The budget staff said its preliminary estimate for the 2012-2013 fiscal year’s
surplus was just under $900 million, not counting the $450 million in the
state’s rainy day fund.

Gov. Jan Brewer and the Legislature planned to have a surplus, saying the state
needs to build up its reserves because of an expected whammy from health care
costs.

The legislative budget analysts partly attribute the increase to a revenue
spike.

They said the revenue spike was largely because of increased payment of capital
gains taxes.

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