Arizona Gov. Doug Ducey signs $18 billion budget for 2023 fiscal year
Jun 28, 2022, 3:08 PM | Updated: 9:46 pm
PHOENIX — Arizona Gov. Doug Ducey on Tuesday signed the $18 billion budget into law that makes hefty investments in education, border security and infrastructure.
The fiscal year 2023 budget was enabled by an unprecedented surplus topping $5 billion, allowing for a broad array of new spending and savings.
That includes $544 million for border security, roughly half of it for a wall, and $1 billion for highway construction, including widening Interstate 10 north of Casa Grande.
TODAY: I signed a responsible fiscal year budget that pays down debt, secures our future and lays the foundation for even more growth — all while investing in the areas that matter most to Arizonans. #AZUnstoppable
Details: https://t.co/lKzjYcLNsN pic.twitter.com/9LcO3ynIza
— Doug Ducey (@DougDucey) June 28, 2022
State employees will get a raise, many for the first time in a decade. Hundreds of millions are set aside for water infrastructure as the state faces prolonged drought.
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The budget also makes a $1.1 billion deposit into the pension fund for public safety and corrections officers, paying off the state’s unfunded liability for future retirement benefits. And it puts another $425 million in the rainy day fund to help the state weather a potential recession.
It also eliminates the state equalization tax, a property tax for education, and backfills it with $330 million from the general fund.
The package of budget bills passed the Legislature with overwhelming support, highly unusual in the modern era.
“This landmark, bipartisan budget makes historic investments to secure Arizona’s future,” Ducey said in a press release. “We’re making fiscally-responsible decisions and targeted commitments that will leave a legacy long after this administration.”
The Associated Press contributed to this report.
