STATE UPDATE

At the time of this publication, Arizona's Gubernatorial, as well as local and national election season is in full swing with outcomes to be determined November 6. Arizona’s state legislature expects to see a number of changes to both its overall membership and leadership makeups.

Arizona’s 2019 Legislative Session will begin Monday, January 14, 2019.

State Budget Outlook

According to Arizona's Joint Legislative Budget Committee (JLBC), State revenues continue to be on an upward projectile this fiscal year. August’s revenues exceeded the budget forecast by $43.4 million. Year to date revenues were about $86 million more than originally expected. All major tax categories showed significant improvements over 2017 and JLBC’s original 2018 projections. Of special note to housing advocates, individual income taxes saw significant growth of 9.4 percent, which translated to $16.3 million above the forecast. This indicates increases to personal income, which is considered desirable, helping Arizona’s residents to keep up with increases in the cost of living, such as housing.