Arizona

Arizona's $9.2 billion budget wins approval from Gov. Jan Brewer but disappoints counties seeking to offset revenue losses from tax break.

As they neared final passage of a $9.2 billion budget, Arizona lawmakers dropped a controversial plan to pay a $900,000 bonus to a private prison operator.

Mesa's plan to build a 1.9-mile light-rail extension using $200 million of revenue bonds does not require a public vote, a Maricopa County Superior Court judge ruled on April 1.

Despite a sharp drop in refunding opportunities for many issuers, Phoenix expects to see savings of 9.8% or $14.2 million from a $132 million deal this week.

Arizona's police and firefighters pension fund has been ordered to submit documents as part of a criminal investigation, according to the Arizona Republic.

Standard & Poor's lowered Glendale, Ariz.'s, general obligation bond rating to BBB-plus from A-minus based on the agency's new criteria and retained a negative outlook.

Last year's government shutdown brought 8 million fewer visitors to national parks, costing the parks and surrounding communities an estimated $414 million, according to a federal study.

Amid worsening drought that has lowered the level of Lake Mead, The Arizona Power Authority is preparing to issue $25 million of taxable revenue bonds for upgrades to the Hoover Dam.

Of the seven states taking water from the Colorado River, Arizona would face the greatest hardship in the event of a shortage allocation, according to a report from Moody's Investor’s Service.

Legislative limits on pension increases for retired judges and elected officials violate Arizona's constitution, the state Supreme Court ruled.

Voters in Arizona's Maricopa County may be asked in November to approve a $935 million bond proposal to revamp the county's public hospital system.

Despite an improving economy, the city of Phoenix is still facing budget deficits.

Arizona public schools say the state owes them $330 million in state funding withheld during the economic downturn.

Gov. Jan Brewer called on the Arizona Legislature to create a fund to help keep military bases in the state off of a potential closure list.

The Phoenix area will see its light rail system grow with this week's $115 million of sales tax-backed bonds.

Seeking to avoid debt wherever possible, state lawmakers are searching high and low for money to repair their aging capitols in the wake of recession.

Pima County Arizona will raise debt for roads, sewers and other projects with $160 million of bonds.

Arizona Public Service Co. has closed three coal-fired generators at the Four Corners Plant and plans to spend $350 million upgrading the two that remain.

Arizona is well into an economic recovery but has no plans to issue any debt in the next year, state officials say.

Arizona counties are organizing a 2014 effort to restore local highway and road funds lost during the budget crises of the past five years.