| News |

"Back in Black:" State No Longer Borrowing to Pay Daily Expenses

Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Phoenix and help keep the future of New Times free.

Like a king-sized overdraft protection program, Treasury Warrant Notes helped cover Arizona's daily living expenses for 12 days starting April 15. But now the state is "back in black," reports state treasurer Dean Martin.

Martin announced today that the state had spent about $38,000 in interest for the notes, used to make sure the checks flowed for teachers, state employees, and taxpayers who were due a refund. The state's operating funds now have a positive balance of $43 million, which "just barely" puts Arizona in the black.

Martin, who frequently criticized former Governor Janet Napolitano for her spending habits, took the opportunity to do so again in his news release.

But he also made it clear that responsibility for the future was in the hands of current power players.

"As long as the state continues to spend more than it makes, this will happen again," he wrote in a prepared statement. "Legislative action is needed to address the state's cash flow deficiencies."

Keep Phoenix New Times Free... Since we started Phoenix New Times, it has been defined as the free, independent voice of Phoenix, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Phoenix with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.


Join the New Times community and help support independent local journalism in Phoenix.


Join the New Times community and help support independent local journalism in Phoenix.