Issuance of the State of Arizona Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2018

The GAO has issued the State of Arizona CAFR for the fiscal year ended June 30, 2018.  Visit the GAO web address /financials/cafr to view a copy of this report in PDF format.  The State’s CAFR received an unqualified opinion from the Auditor General's Office which means the State's financial statements are in compliance with Generally Accepted Accounting Principles.  In addition, the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting awarded to the State for its 2017 CAFR is displayed in the 2018 CAFR.  This award is issued by the GFOA to government units and public employee retirement systems whose CAFRs meet the highest standards in government accounting and financial reporting.  In order to reproduce this award, the State believes that its 2018 CAFR continues to conform to the Certificate of Achievement program requirements and has submitted it to the GFOA to determine its eligibility for another certificate.

The following financial highlights are on the primary government totals at the government-wide basis for the fiscal year ended June 30, 2018:

  • The State reported revenues of $38.7 billion and expenses of $36.9 billion.
  • The State derived approximately 45% of its total revenues from grants and contributions.  The balance of the State’s revenue comes primarily from taxes (39%), and charges for services rendered (15%).
  • Health and welfare programs comprised the largest percentage of total expenses for the State (44%), followed by education, including the universities (32%).
  • The State's net position increased $1.8 billion during the fiscal year ended June 30, 2018. 
Author
Ron Santa Cruz
Date