- Associated Press - Tuesday, July 21, 2015

PHOENIX (AP) - Arizona ended the budget year with a $266 million surplus, a stark contrast from the $132 million deficit lawmakers had planned for.

The Arizona Republic reports (https://bit.ly/1CMGwWw ) that lawmakers designed the current-year budget to accommodate the deficit, but unexpectedly high collections from income taxed, particularly from capital gains on investments, put the state well into the black.

A report by the Joint Legislative Budget Committee released Monday shows that the $266 million is now added to $460 million in the state’s rainy-day fund.

The committee says amounts could change as more accounts are settled and could be complicated by the state’s new accounting system.


Information from: The Arizona Republic, https://www.azcentral.com

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