The GAO has issued the State of Arizona Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2021.  Please visit the GAO web address https://gao.az.gov/financials/acfr to view a copy of this report in PDF format.  The State’s ACFR received an unmodified opinion from the Auditor General's Office which means the State's financial statements are in compliance with Generally Accepted Accounting Principles.

The following financial highlights are on the primary government totals at the government-wide basis for the fiscal year ended June 30, 2021:

• The State reported revenues of $63.0 billion and expenses of $56.3 billion.
• The State derived approximately 56% of its total revenues from grants and contributions.  The remaining balance of the State’s revenue comes primarily from taxes (32%), and charges for services rendered (11%).
• Health and welfare programs comprised the largest percentage of total expenses for the State (40%), followed by education, including the universities (25%), and unemployment compensation (15%).
• The State's net position increased $6.7 billion during the fiscal year ended June 30, 2021.