PAGE – In the beginning of the fiscal year, Arizona added $542 million to the Rainy Day Fund (Arizona’s Budget Stabilization Fund). The fund is now at record high $1.014 billion, according to the Arizona Treasurer’s Office. This accounts for 9.2 percent of General Fund revenues.
Governor Doug Ducey said, “From a $1 billion deficit to $1 billion in our Rainy Day Fund, Arizona has never been better prepared for our future. By saving these dollars, Arizona is better equipped to protect our growing investments in areas like K-12 public education, public safety and child safety while avoiding the budget gimmicks and band-aids of the past. I’m grateful to all our legislators and people around the state who helped make this historic investment possible.”
Ducey’s office released the following statement: “The $542 million Rainy Day Fund investment in the Fiscal Year 2020 budget comes in addition to significant investments in the areas that matter, including $660 million new dollars for K-12 public schools; $225 million for upgrading roads and bridges across the state; $71 million to provide pay raises to state troopers, correctional officers, child safety caseworkers and other public safety personnel; $11 million to fund 48 state troopers for key public safety missions across the state; $56 million to expand childcare subsidies for low-income families; And $1.6 million to preserve access to health care for over 6,000 Arizona kids.”