State of Arizona June 30, 2009 Report Highlights-Financial and Single Audit

State of ArizonaREPORT General Fund FinancialHIGHLIGHTS Condition DeclinesFINANCIAL AND SINGLE AUDITSSubjectThe State of Arizona issues aComprehensive Annual Financial During fiscal year 2009, General Fund • Five hundred eighty million dollars inReport. The State is responsible revenues and other financing sources certificates of participation were issuedfor preparing financial statements, totaled approximately $20.9 billion, and for new school construction by themaintaining strong internal expenditures and other financing uses School Facilities Board. In addition,controls, demonstrating totaled approximately $22.2 billion. transfers into the General Fundaccountability for its use of public Although revenues and other financing increased by $399 million in fiscal yearmonies, and complying with sources increased $894 million from fiscal 2009 because the Legislature requiredfederal program requirements. Asyear 2008, expenditures and other additional transfers from other funds tothe auditors, our job is tofinancing uses exceeded revenues by address budget shortfalls.determine whether the State has$1.3 billion. As a result, the State’smet its responsibilities.General Fund ended the year with a General Fund expenditures and otherOur Conclusion deficit of $978 million. financing uses increased by $673 million,or 3.1 percent, between fiscal years 2008The information in the State’s General Fund revenues and other and 2009, primarily as a result of ...