Updated Aug 23, 2013 - 12:04 pm
Arizona finished fiscal year with bigger surplus than expected
PHOENIX -- Legislative budget analysts said the state apparently ended its last fiscal year with approximately $200 million more cash on hand than was expected when the current state budget was drafted last spring.
The budget staff said its preliminary estimate for the 2012-2013 fiscal year's surplus was just under $900 million, not counting the $450 million in the state's rainy day fund.
Gov. Jan Brewer and the Legislature planned to have a surplus, saying the state needs to build up its reserves because of an expected whammy from health care costs.
The legislative budget analysts partly attribute the increase to a revenue spike.
They said the revenue spike was largely because of increased payment of capital gains taxes.