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News Link • Economy - Economics USA

Treasurer: Arizona is broke

• Lake Powell Chronicle
 Every penny the state collects in revenue has to go through the treasurer’s office, 1,800 accounts in all, including all the municipalities. The state general fund, which has been the biggest argument in the Arizona Legislature the last few years, is only one of those funds, and right now, it’s $100 million in debt.

“Local governments are actually now our largest customer,” Martin said. “The state of Arizona used to be our largest customer, but because the state has been spending money faster than it’s been coming in the door, the amount of money in their bank has been shrinking dramatically. Actually, local governments are about twice the size of the state right now, when it was the opposite just a few years ago.”

When asked if the state could raid municipal accounts, 
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