"Arizona has published its annual comprehensive financial report for the fiscal year that ended 15 months ago.
The state had more than $6 billion on hand to pay its bills at the start of July last year.
Cash then to pay the state’s outstanding bills was an improvement from a year before, when the firm called Truth in Accounting said Arizona left a burden on individual taxpayers.
Founder and CEO Sheila Weinberg spoke in general terms about the new financial report that Arizona has been chronically late in producing. She said only four states have yet to release theirs.
“Arizona is still one of our delinquent five because, even though they issued it, they did issue it very late," Weinberg said.
Weinberg also said the 300-plus page report would have helped lawmakers when they wrote this year’s budget.
Arizona now faces an estimated $400 million shortfall.
Weinberg said Arizona had less financial liability to the state pension system in June of 2021.
“All of that gain was reversed in 2022 when the system actually lost money on their investments. Or had a slight loss on their investment," Weinberg said.
State officials have said that accounting for federal pandemic aid money, and a Medicaid scam have delayed the release of the last two versions of the state’s key financial report."
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