State of Arizona June 30, 2008 Report Highlights-Financial and Single Audit

State of ArizonaREPORT General Fund FinancialHIGHLIGHTSFINANCIAL AND SINGLE AUDITS Condition DeclinesSubjectThe State of Arizona issues aDuring fiscal year 2008, General Fund General Fund expenditures and otherComprehensive Annual Financialrevenues and other financing sources financing uses increased $1.7 billion, orReport. The State is responsiblefor preparing financial totaled approximately $20 billion, and 8.3 percent, between fiscal years 2007statements, maintaining strong expenditures and other financing uses and 2008, primarily as a result of theinternal controls, demonstrating totaled approximately $21.6 billion. following:accountability for its use of Revenues and other financing sourcespublic monies, and complying increased $436 million from fiscal year • Education expenditures increasedwith federal program 2007, but the increase was not large $310 million, or 5.9 percent,requirements. As the auditors, enough to offset the $1.7 billion increase compared to fiscal year 2007. Theour job is to determine whetherin expenditures and other financing uses. increase can be primarily attributed tothe State has met itsAs a result, the fund balance of the additional state assistance forresponsibilities.State’s General Fund declined $1.6 kindergarten through 12th gradebillion from the prior fiscal year. This operating expenditures to support aOur Conclusionrepresents a decrease of approximately student enrollment increase of 26,756The information in ...