February 2016 Fiscal Highlights

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February 29, 2016
Joint Legislative Budget Committee

The JLBC Staff reports monthly to the Legislature on the status of General Fund revenue collections and other fiscal issues. See the full report here. Among the key points of the document:

  • January General Fund revenues were 4.4% above the prior year.

  • January sales tax collections, which reflect sales made during the holiday season, grew by 0.5%. This slow growth is likely the result of weaker than expected purchasing during the holidays.

  • The poor performance of the Sales Tax category was offset by strong growth in Individual Income Tax payments.

  • General Fund revenues during January were $(5.7) million below forecast.

  • In total, year-to-date for FY 2016 base General Fund revenues have increased by 2.9% compared to the prior year.

  • JLBC Staff released its annual report on how state spending compares to the constitutional appropriations limit. Total FY 2016 state appropriations (both General and Other Funds) are estimated to be 5.66% of Arizona personal income, compared to the constitutional limit of 7.41%.

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