Significant State Revenue Concerns

Posted Date: 06/23/2023

Yesterday, the Joint Legislative Budget Committee released their June 2023 Monthly Fiscal Highlights report. May 2023 income tax revenues were over $180 million less than budget projections. May 2023  income tax projections have already been adjusted to reflect recent legislative tax cuts. May 2023 revenues were actually less than May 2022 collections. This is the first time Arizona has posted "a monthly forecast loss since March 2020, a time when the state was under a broad COVID-19 related shutdown". Monthly Fiscal Highlights for June 2023 is available at https://www.azjlbc.gov/mfh/mfh-june-23.pdf .