State Surpasses Revenue Expectations by $600 Million for Fiscal Year 2024
According to AZ Mirror. the state ended the 2024 fiscal year with nearly $600 million more in revenue than expected. This extra money is more than $400 million above what lawmakers had budgeted for in June. A big chunk of this extra revenue, $248 million, came in June, the last month of the fiscal year.
The $600 Million boost in revenue came from several sources. Medicaid refunds added $160 million because spending was lower than expected and managed care programs made more money. Individual income taxes were $156 million higher than forecasted, corporate income taxes added $92 million, and other taxes also contributed to the surplus.
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$600 Million Surprise: State Surplus Exceeds Projections by $400 Million – Boosted by Medicaid Refunds and Increased Tax Revenue (PHOTO: Britannica)
Uncertain Budget Impact as June Spending is Still Pending, but $600 Million Surplus is a Positive Indicator
We won’t know the final impact on the budget until spending for June is tallied. However, this extra money is a positive sign since the budget for the next fiscal year expects only a small surplus in 2027.
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