Arizona Governor, Legislature Lock Horns Over 2007 Budget

Watts, Jim
May 2006
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p4
Trade Publication
The article discusses the confusion surrounding the passing of the 2007 budget for Arizona due to the disagreement between Arizona Governor Janet Napolitano and the Republican-controlled Legislature over financing of capital projects. While Napolitano wants to use long-term debt to finance $145 million in capital projects, the Republican-controlled Legislature would prefer financing the projects from the state's expected $1.2 billion surplus. Napolitano calls for using lease-purchase bonds to finance the capital projects, with her latest budget calling for a 5% cut in the individual income tax and a one-time $100 income tax rebate per tax payer, while the Republicans are seeking income tax cuts totaling 10% over two years, and a two-year property tax reduction.


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