Arizona legislative budget analysts say there still appears to be red ink in the recently started fiscal year's budget, but it may be less than expected as the state struggles to emerge from its fiscal crisis.
The Joint Legislative Budget Committee's staff said Thursday that it now projects that the $8.5 billion budget has a shortfall ranging from zero to $1 billion. That's down from the previous projected range from $400 million and $1.2 billion.
The budget staff attributes the improvement to state tax collections being greater than expected. It also says changes in school funding payments mean the state will have enough money to pay its bills from the regular budget through at least the first half of the fiscal year.
