|
Dear Barbara,
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,
 |
|
|
