The General Accounting Office (GAO) issued the State of Arizona Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2022. Visit the Annual Comprehensive Financial Reports (ACFR) webpage on the GAO website at https://gao.az.gov/financials/acfr to view a copy of this report in Adobe PDF format. The State of Arizona's ACFR received an unmodified opinion from the Arizona Auditor General's Office which means the State of Arizona's financial statements are in compliance with Generally Accepted Accounting Principles (GAAP).

The following financial highlights are on the primary government totals at the government-wide basis for the fiscal year ended June 30, 2022:

• The State of Arizona reported revenues of $62.7 billion and expenses of $54.2 billion.
• The State of Arizona derived approximately 50% of its total revenues from grants and contributions. The remaining balance of the State of Arizona's revenue comes primarily from taxes (38%) and charges for services rendered (11%).
• Health and welfare programs comprised the largest percentage of total expenses for the State of Arizona (49%), followed by education, including the universities (30%), and intergovernmental revenue sharing (9%).
• The State of Arizona's net position increased $8.5 billion during the fiscal year ended June 30, 2022.

Contact the ACFR Team at [email protected] with any questions.