Arizona finished fiscal year with bigger surplus - FOX 10 News | myfoxphoenix.com

Arizona finished fiscal year with bigger surplus

Updated:

PHOENIX (AP) - Legislative budget analysts say 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 says 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 say the revenue spike was largely due to increased payment of capital gains taxes because of taxpayers' uncertainty about the federal budget situation.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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