** Arizona Experiences “Extraordinary Growth”
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Unless you closely follow statewide economic news, you may have never heard of the Joint Legislative Budget Committee — otherwise known as JLBC. Don’t worry. You’re not alone.
JLBC is a nonpartisan group of budget experts who crunch all sorts of numbers to provide the Arizona Legislature with regular updates about our state’s fiscal health. Revenues, expenditures, the budget — they put it all under their microscope so you don’t have to.
JLBC’s 21-page July Report is especially noteworthy — and worth sharing. It paints a picture of a state economy that has emerged from the COVID-19 pandemic not only in great shape, but poised to achieve even greater accomplishments in the years ahead. The “extraordinary growth” Arizona saw in Fiscal Year 2021 is positive news for every Arizonan. We are leading the way in the nation's economic recovery.
Here are some key highlights from the JLBC report:
* General Fund revenue broke the modern record for percentage growth in a year
* The FY 2021 cash balance is now projected to be $929 million
* June 2021 revenues were 30.4 percent above June 2020
* Sales Tax, Individual Income Tax, Corporate Income Tax, and Insurance Premium Tax all posted extremely high growth rates and generated significant forecast gains
* Arizona personal income for the first 3 quarters of FY 2021 grew by 12.7%, the largest such gain since 1985
* FY 2021 Individual Income Tax revenues increased $2.0 billion above FY 2020
* Revenue beat the Enacted Budget Forecast by $487.5 million
View the full JLBC report HERE ([link removed]) .
This report is the first since the conclusion of the successful 2021 Arizona legislative session ([link removed]) , which included the passage of a historic tax cut ([link removed]) that will allow every Arizona taxpayer to save more of their hard-earned money.
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