Arizona Breakdown of Savings for Budget and Emergency Fund
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How to fill out Breakdown Of Savings For Budget And Emergency Fund?
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FAQ
Arizona receives nearly $23 billion in federal dollars. The General Fund provides nearly $13 billion. Other funds include $5.9 billion appropriated by the legislature and $11.9 billion non-appropriated funds.
Individual income and sales and use taxes make up 86 percent of General Fund revenue. Arizona's dependence on sales and use tax makes the state's tax structure regressive low-income people pay a higher portion of their income in taxes than people with higher incomes.
In Arizona in fiscal year 2015, 59.1 percent of total tax revenues came from sales taxes and gross receipts. Income taxes accounted for 30.9 percent of total state tax collections. Education accounted for 27 percent of state expenditures in fiscal year 2015, while 30.3 percent went to Medicaid.
Overall, use tax is an important source of revenue for the Arizona General Fund. Every dollar collected is a dollar available for government and public services. Equally as important, uniform collection and enforcement of use tax provides for fair competition between out-of-state and Arizona-based businesses.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
The General Fund is the backbone of Arizona's state government, supporting more than 60 state agencies. More than 90% of the fund goes to eight agencies, with the Department of Education receiving the largest portion.
Arizona's manufacturing revenues are generated from high tech products like computers, electronic equipment, and aerospace vehicles. Agriculture and mining are also important in Arizona along with cattle ranching.
What are the Biggest State Government Programs? For FY 2022, the three biggest state government programs are health care, education, and pensions.
Arizona Is Seeing Record Revenue Growth That makes for five consecutive years that Arizona's revenue collections exceeded budgeted forecasts. In fact, economists forecast Arizona will have a $4 billion budget surplus over the next three years.
