- Associated Press - Thursday, October 8, 2015

PHOENIX (AP) - A new report shows an unexpected rise in revenues left Arizona with $378 million in added cash as of July 1 that is expected to rise to $650 million by next June.

The report presented Thursday by the Joint Legislative Budget Committee staff cautions that much of that money is one-time collections from volatile corporate and capital gains taxes.

But it concluded that the Legislature can afford to commit $240 million to new spending initiatives or tax cuts while maintaining a structurally balanced budget. The state also has a $460 million rainy day fund.

The report presented to economists on the Legislature’s Finance Advisory Committee gives breathing room to lawmakers as they struggle to boost K-12 school funding. Republican Gov. Doug Ducey has also pledged to cut taxes each year.

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