Arizona

Voters in Scottsdale will decide whether to increase the city's hotel tax by two percentage points to 13.92% on March 9. Officials said the increased tax would raise an additional $5.5 million in revenue.

Arizona lawmakers are preparing to meet in a special session tomorrow to consider calling for a temporary sales-tax increase and $200 million in spending cuts to ease an estimated $1.6 billion deficit.

Local school districts are expected to take advantage of a new Arizona law signed by Gov. Jan Brewer in September that will allow districts to ask voters for a 15% property tax override, for up to seven years, on March 9.

DALLAS — On the verge of its fifth special legislative session of the year to reduce an ongoing budget deficit, Arizona plans to issue lease-purchase bonds to buy state buildings next month to avoid issuing IOUs to state employees in February.

DALLAS — Arizona has used an entire $700 million line of credit advanced two weeks ago by Bank of America, forcing the state to borrow $73 million from itself to make a scheduled payment of aid to local school districts.

DALLAS — For the first time in its history, Arizona is turning to outside lenders for up to $700 million to cover operating costs, Treasurer Dean Martin said yesterday.

DALLAS — For the fourth time this year, Arizona Gov. Jan Brewer is calling the Legislature back into special session to reduce the nearly $2 billion budget deficit.

Arizona Gov. Jan Brewer said last week that any new source of revenue to stem the state’s estimated $2 billion budget deficit in fiscal 2010 must be quick, simple, and effective.

Arizona collected taxes totaling $1.8 billion in the first quarter of fiscal 2010 but spent $2.8 billion over the same period, according to the latest monthly revenue report from the Joint Legislative Budget Committee.

DALLAS — For the second time in four months, Arizona Gov. Jan Brewer is preparing to call a special session of the Legislature to deal with a budget deficit that has grown to $1.75 billion.

Phoenix Mayor Phil Gordon said last week that a temporary increase in the city’s sales tax could prevent additional cuts in municipal services that have already been pared down significantly.

DALLAS — Amid a continuing plunge in revenues, transportation planners in the Phoenix area are cutting nearly $7 billion from a $16 billion freeway program financed through revenue bonds.

DALLAS — The Arizona Department of Transportation estimates it would have to fire up to 60% of its workforce, halt all non-emergency maintenance, and close all highway rest stops under a legislative plan to close a $2 billion budget shortfall.

DALLAS ­— With its credit outlook already negative from two rating agencies, Arizona faces increasing pressure to balance its budget after the state’s projected revenue shortfall soared to $2 billion.

DALLAS — Regional transportation planners in the Phoenix area will take the first step toward a rail link to the western suburb of Glendale next week with the $878,000 study of the new route.

The Rio Nuevo Multipurpose Facilities District will sell $11.8 million of certificates of participation in a negotiated sale this week to finance site work and design and development efforts for a downtown hotel as part of the Tucson Convention Center expansion project.

A significant drop in sales tax revenue may require Phoenix to reduce its bus system’s $171 million annual operating budget by $16 million in fiscal 2011 to avoid an operating fund deficit.

DALLAS — Arizona’s Salt River Project Agricultural Improvement and Power District is preparing to sell $325 million of electric revenue bonds by the end of the month to refund all but $50 million of the utility’s commercial paper.

DALLAS — With Arizona’s double-A rating on negative outlook from two rating agencies, Treasurer Dean Martin is again warning that failure to fix a $1 billion budget deficit will continue to raise the cost of doing business.