GLENDALE, Ariz. (AP) — The Legislature's top budget analyst says Arizona faces an estimated $1.1 billion budget shortfall in the coming year because of the massive economic hit triggered by the coronavirus outbreak.
Richard Stavneak (Stav-nee-AHK) says there is so much uncertainly around state revenue that the hit could be $500 million more for the budget year that begins July 1 or $500 million less.
A lot depends on how quickly the state and nation recovers from business and personal income slowdowns caused by the response to the virus.
The loss equals nearly 9% of the state's total general fund spending in the current year of $11.8 billion.