The General Accounting Office (GAO) issued the State of Arizona Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2023. Visit the GAO web address https://gao.az.gov/financials/acfr to view a copy of this report in Adobe PDF format. 

The following financial highlights are on the primary government totals at the government-wide basis for the fiscal year ended June 30, 2023:

• The State of Arizona reported revenues of $63.4 billion and expenses of $60.8 billion.
• The State of Arizona derived approximately 51% of its total revenues from grants and contributions. The remaining balance of the State of Arizona’s revenue comes primarily from taxes (35%), and charges for services rendered (12%).
• Health and welfare programs comprised the largest percentage of total expenses for the State of Arizona (48%), followed by education, including the universities (30%), and intergovernmental revenue sharing (9%).
• The State of Arizona's net position increased $2.5 billion during the fiscal year ended June 30, 2023.