Legislature Introduces Budget

Via Dorn Policy Group

The Arizona Legislature introduced a budget for Fiscal Year 2024 today. The State has a fiscal year that runs from July 1 until June 30th. Throughout the past few weeks, the Republican leadership in each of the chambers of the Legislature has met with Democratic Governor Katie Hobbs to negotiate revenue expectations and expense priorities for the upcoming fiscal year. While the proposed budget, contained in 16 bills, must go through the legislative process and is subject to change, the following is a list of notable expenditures and issues:

Budget Expenditures - $17.8 billion

  • No Aggregate Expenditure Limit increase for K-12
  • No ESA spending cap
  • Arizona Commerce Authority - $64 million
    • Asian trade office
    • Canadian trade office
    • Germany trade office
  • Acceleration of Arizona Rural Broadband - $25 million
  • Arizona Office of Tourism - $8.5 million
  • One-time rebate of $250 for dependents under 17
  • One-time rebate of $100 for dependents 17 and older
  • A nearly 3% increase in K-12 base funding and the elimination of results-based funding
  • Housing Trust Fund for homeless - $150 million
  • Homeless services Fund - $40 million
  • A reallocation of the Water Infrastructure Finance Authority Fund for the following:
    • Rehabilitation and drilling of new water wells in the Town of Gilbert - $27,800,000
    • City of Peoria water wells and water infrastructure projects - $10,000,000
  • STEM and workforce aid to community colleges - $14,193,100
  • The microbusiness loan fund is established - $11 million
  • I-10 expansion - $89 million
  • I-17 expansion - $76,200,000