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Happy New Year! Fiscal Year, That Is

This month marks the beginning of Arizona’s new fiscal year. What do you think fiscal year 2018 looks like compared to ten years ago? You may be surprised!

• General revenues to the state are below where they were 10 years ago – despite population growth of more than 650,000.

• The Rainy Day fund balance is $240 million LESS than it was ten years ago. It doesn’t look like we’re ready to weather the next recession.

• Ten years ago, $55 million was being diverted to private schools through the private school tuition tax credit; in 2018 that amount has more than tripled with the addition of two more tax credits plus the empowerment scholarship vouchers.

• Basic state aid funding for public schools has dropped more than $300 per student – that’s not even taking inflation into account.

• The corporate income tax rate is down; so are total state appropriations as a share of our economy.

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