What's Hot

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 2025

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025
    Facebook Twitter Instagram
    AZBEX
    NEWS TICKER
    • [May 30, 2025] - Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail
    • [May 30, 2025] - Senior/Assisted Living Center Proposed in Maricopa
    • [May 30, 2025] - Scottsdale Establishes Transportation & Infrastructure Department
    • [May 30, 2025] - Arizona Projects 05-30-25
    • [May 28, 2025] - Split Vote Complicates Plans for VAI Resort
    • [May 28, 2025] - Safford Approves 165-Unit Multifamily Development
    • [May 27, 2025] - JDM Proposal Reimagines Biltmore Infill Project
    • [May 27, 2025] - $500M Whiteriver Hospital Preparations Advancing
    Facebook Twitter YouTube LinkedIn
    • Home
    • News
      1. View Latest
      2. Planning & Development
      3. Local News
      4. Classifieds
      5. Editorial Analysis
      6. Budgets & Funding
      7. Commercial Real Estate
      8. People on the Move
      9. Arizona Projects
      10. Legislation & Regulations
      11. Trends

      Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

      May 30, 2025

      Senior/Assisted Living Center Proposed in Maricopa

      May 30, 2025

      Split Vote Complicates Plans for VAI Resort

      May 28, 2025

      Safford Approves 165-Unit Multifamily Development

      May 28, 2025

      Scottsdale Establishes Transportation & Infrastructure Department

      May 30, 2025

      EdgeCore 44-Acre Mesa Land Buy Sets Up Massive Expansion

      May 23, 2025

      Ariz. Construction Added 2,400 Jobs in April

      May 21, 2025

      Phoenix Considering Data Center Development Restrictions

      May 21, 2025

      Glendale Voters to Determine VAI Resort’s Fate

      May 16, 2025

      Legislation Would Effectively Strip NIMBYs of Referendum Tool

      February 11, 2025

      2025 Forecast Tries to Clarify an Uncertain Market

      February 7, 2025

      KOREPlex Buckeye Site Quietly Listed For Sale

      January 31, 2025

      Peoria Council Approves $1.9B 10-Year CIP

      May 27, 2025

      Scottsdale Water Needs $50M for ‘Toilet to Taps’

      May 9, 2025

      Phoenix Releases $11.5B, 5-Year CIP with Nearly 1,000 Projects

      April 1, 2025

      Buckeye Starts Planning Bond Funding Outlays

      February 26, 2025

      Commercial Real Estate 05-27-25

      May 27, 2025

      Commercial Real Estate 05-20-25

      May 21, 2025

      Commercial Real Estate 05-13-25

      May 13, 2025

      Commercial Real Estate 05-06-25

      May 6, 2025

      Industry Professionals 05-27-25

      May 27, 2025

      Industry Professionals 05-20-25

      May 21, 2025

      Industry Professionals 05-13-25

      May 13, 2025

      Industry Professionals 05-06-25

      May 6, 2025

      Arizona Projects 05-30-25

      May 30, 2025

      Arizona Projects 05-23-25

      May 23, 2025

      Arizona Projects 05-16-25

      May 16, 2025

      Arizona Projects 05-09-25

      May 9, 2025

      Phoenix Considering Data Center Development Restrictions

      May 21, 2025

      Glendale Voters to Determine VAI Resort’s Fate

      May 16, 2025

      Executive Order Will Streamline Federal Acquisition Regulations System

      April 26, 2025

      Legislation to Save Axon Plan Continues to Advance

      April 16, 2025

      Ariz. Construction Added 2,400 Jobs in April

      May 21, 2025

      Backlogs, Confidence Increase in April

      May 16, 2025

      Multifamily Developer Confidence Down in Q1

      May 13, 2025

      U.S. Construction Added 11,000 Jobs in April

      May 6, 2025

      Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

      May 30, 2025

      Senior/Assisted Living Center Proposed in Maricopa

      May 30, 2025

      Scottsdale Establishes Transportation & Infrastructure Department

      May 30, 2025

      Arizona Projects 05-30-25

      May 30, 2025
    • AZBEX
      • Subscribe
      • Classifieds
      • Advertising
    • DATABEX
      • Webinars
      • Monthly Snapshot
    • Events
      • 2025 Mid-Year Update
    • About Us
      • Meet the Company
      • Meet the Sales Team
      • Meet the Editorial Team
      • Meet the BEXperts
    AZBEX
    Home » Local News » Impacts on Budget, Lives Could be Dire
    Local News

    Impacts on Budget, Lives Could be Dire

    BEX StaffBy BEX StaffApril 14, 2020No Comments3 Mins Read
    Credit: Howard Fischer/Capitol Media Services
    Share
    Facebook Twitter LinkedIn Pinterest Email

    By Howard Fischer for Capitol Media Services via Arizona Daily Star 
    The COVID-19 outbreak is going to blow a billion-dollar hole in state finances. 
    And about 775 Arizonans will die by the end of May from the virus. 
    Those predictions from the Joint Legislative Budget Committee as staffers said the decline in state revenues plus additional costs to the state from the effects of the virus should leave Arizona with a $1.1B budget deficit by the end of the next fiscal year. That’s out of what is basically an $11.8B spending plan. 
    The potential fiscal effects of the pandemic are even more dire. 
    The report says that $1.1B deficit comes even after the state uses close to $1B it was expected to have left over by the end of this budget year, which is June 30. 
    There is one bright spot of sorts. The state does have about $973M in its “rainy day” fund, a special account set aside for emergencies. 
    And legislative budget staffers said there will be some relief funds coming from the federal government. 
    But it also could mean that lawmakers, who until a month ago were planning ways to spend what was expected to be a cash surplus, will now have to find places to cut. 
    Even if the more immediate revenue shortfall gets addressed, analysts are predicting another $1B shortfall in the 2021-2022 fiscal year. That’s because the number of people in the state’s Medicaid program is still expected to be high. But by that point, the extra dollars the federal government is providing to help will have disappeared. 
    Richard Stavneak, staff director of the JLBC, told members of the state’s Finance Advisory Committee who were reviewing the report that making projections at this point is risky. 
    Stavneak said the Institute for Health Metrics and Evaluation is predicting that Arizona will end up with 775 virus-related deaths by the end of May. 
    There is some wiggle room in those numbers, with the institute reporting the total could be as low as 230 or as high as 2,361. 
    What that means, Stavneak continued, is that the Arizona economy, driven by income and sales taxes, could take much longer to recover. 
    Gov. Doug Ducey brushed aside the projections. 
    “Some of the announcements today are basically guesses,” he said. “No one really knows because the economy is not operating. And without economic activity it’s very hard to make forecasts.” 
    Economists are looking at the indicators they have to make some forecasts. 
    Among those is that the Phoenix hotel occupancy rate fell by 71 percent in the last week of March. That affects not just the tax revenues from the rooms but the fact that people are not coming to Arizona and spending money here. 
    At the same time, the report says, several restaurant chains have reported a 70 percent decrease in sales, even with an increase in takeout orders.  
    And then there’s the fact that nearly a quarter-million Arizonans have applied for unemployment benefits in the past three weeks alone. By comparison, total private sector employment in Arizona before the pandemic was about 2.5 million. 
    That $1.1B shortfall could be as little as $600M or as much as $1.6B. 
    Stavneak said his staff should have better numbers in June. 
    Read more at Arizona Daily Star. 

    CARES Act coronavirus Coronavirus Aid Relief and Economic Security Act COVID-19 crisis impacts Doug Ducey Finance Advisory Committee hospitality hotels Institute for Health Metrics and Evaluation Joint Legislative Budget Committee Medicaid relief package restaurants Richard Stavneak stimulus tax revenue
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email

    Related Posts

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025

    JDM Proposal Reimagines Biltmore Infill Project

    May 27, 2025

    EdgeCore 44-Acre Mesa Land Buy Sets Up Massive Expansion

    May 23, 2025

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Our Picks

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 2025

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025

    Arizona Projects 05-30-25

    May 30, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • LinkedIn
    • YouTube
    Don't Miss
    Planning & Development

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 20250

    By Roland Murphy for AZBEX The City of Phoenix wants to transform the 19th Avenue…

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025

    Arizona Projects 05-30-25

    May 30, 2025

    BEX serves architecture, engineering and construction firms as well as all the ancillary product and service categories that market to them. These include manufacturing representatives, public agencies and private real estate organizations, specialty subcontractors and services providers related to our industry.

    Our Picks

    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 2025

    Senior/Assisted Living Center Proposed in Maricopa

    May 30, 2025

    Scottsdale Establishes Transportation & Infrastructure Department

    May 30, 2025
    Contact Us

    Phone: 480-709-4190
    Address: P.O. Box 12196 Tempe, AZ 85284
    Email: sales@azbex.com

    Type above and press Enter to search. Press Esc to cancel.