DOUG DUCEY - State Treasurer's Quarterly Financial Update

Click here to download the current version of our quarterly newsletter, Inside the Vault.

Click here to download the Treasurer's Office FY 2011 Annual Audited Financial Statements.

It’s no secret Arizona has been hit hard by this economic downturn.

To put it in perspective, not too long ago the State of Arizona was borrowing an average of $733 million every day to pay teachers and fill pot holes. People were using words like bankrupt, insolvent and structurally broken to describe our state finances. We were living way beyond our means.








Although we have been navigating through some difficult times, my outlook for Arizona is positive:

• In October 2011 the State of Arizona averaged $667 million in operating cash. Compared to averaging negative $733 million for the entire month in December 2009, that’s a $1.4 billion swing to the positive.

• For this fiscal year we have a balanced budget for the first time since 2007 and the Joint Legislative Budget Committee is even talking about having a potential surplus at this time next year if revenues continue on their projected path.

• Unemployment and our local economy are showing signs of life and has been moved from intensive care to critical condition.

If you read the paper or turn on the TV you can find any number of reports that will tell you the sky is falling. It might not feel like we’re making progress, but the fact is that the numbers show we are slowly moving in the right direction.






There aren’t any quick fixes – this will take some time – and there’s still plenty of work to be done. As we move into our next legislative session I encourage all Arizona taxpayers to continue their demand of financial responsibility from our Governor and Legislators. We may be heading in the right direction, but we still don’t have a rainy day fund for the next financial crisis we may face and there’s a mountain of debt we must begin to pay down.






Please make sure to download our newsletter and annual report using the links above. If you would like to know the daily cash balance of the state or want more frequent updates and commentary you can go to www.aztreasurer.gov or follow me on Facebook at www.facebook.com/dougducey.






I want to wish everyone a very Happy Thanksgiving, Merry Christmas and joyous holiday season. Thank you for your ongoing support.






Sincerely,



 

 

Paid for by Doug Ducey for State Treasurer.THIS COMMUNICATION WAS NOT PAID FOR WITH TAXPAYER DOLLARS.







THIS COMMUNICATION WAS NOT PAID FOR WITH TAXPAYER DOLLARS


Copyright © 2010 Doug Ducey for Arizona State Treasurer. All rights reserved.