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Freedom Manor Caregivers Health Care Carondelet Foothills Surgery Pre-Op Nurse Technical Yavapai College Analyst Banner Programmer Dental Apache Dental Porcelain Techs General Prestige Maintenance USA Area Manager Health Care SOUTHERN ARIZONA ENDODONTICS I NSURANCE PROCESSOR General GROUNDS CONTROL LANDCAPE FOREMAN & LABORERS Hourly UpdateTreasurer says state's no-cash date moving forwardAssociated Press Writer
Tucson, Arizona | Published: 03.14.2008
PHOENIX — The state’s worsening revenue shortfall means the general fund will run out of cash it can legally spend earlier than the previous estimate of late May, State Treasurer Dean Martin said Thursday.
Martin said his office is fine-tuning its calculations and expects to project a new no-cash date by next week.
But he said the increased size of the current fiscal year’s estimated shortfall — to $1.2 billion currently from $970 million most recently — likely moves up the date when there’s no cash in the general fund to early May or even late April.
That adds to pressure on legislative leaders who have yet to hammer out a budget compromise after two months of close-door talks. Gov. Janet Napolitano joined the talks this week.
Martin said the state still would have money in other accounts but that legislative authorization would be needed to spend those dollars to pay the regular expenses of state government.
“The statues never contemplate a scenario where the appropriations don’t match the revenue,” he said. One possible source of cash would be the state Budget Stabilization Fund, a reserve now holding approximately $700 million.
Tapping that $700 million rainy day fund could get the state “a few more weeks down the road,” Martin said.
Tax collections have been hammered by the poor economy, especially in housing and consumer spending, and Martin said he saw dramatic drops in the state’s cash on hand in January and February.
“These are the months that we’re normally accumulating cash. It’s not happening,” he said.
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