JLBC - Monthly Fiscal Highlights

1716 W. Adams
Phoenix, AZ 85007
Phone:
(602) 926-5491
Fax:
(602) 926-5416

www.azleg.gov/jlbc.htm

“Year-to-date,
revenues are
(16.7)% below
the prior year,
and $(554.5)
million below the
budget
forecast.”

January 2010

Summary
In December, state revenues slightly outpaced
the rate of spending. General Fund revenues
exceeded expenditures by $43 million for the
month. Fiscal year-to-date, however, General
Fund revenues are $3.36 billion compared to
spending of $5.24 billion, for a 6-month deficit
of $(1.88) billion.

already effectively borrowed all of the state’s
approximately $1.6 billion in dedicated funds
in the operating balance. Having exhausted
that source, the state literally borrowed as
much as $885 million in January by issuing
Treasurer Warrant Notes (TWNs). The average
daily borrowing was $558 million.

December was another poor revenue
collection month. December General Fund
revenue collections were $681.0 million.
Excluding budgeted transfers and Urban
Revenue Sharing, December collections were
(12.2)% below the prior year, and $(90.2) million
below the original budget forecast. (See Table
1 on page 2 and Table 6 on page 6 for more
information.)

With the recent receipt of $735 million in
sale/lease-back proceeds (see page 3 for
more information), the state’s financial
position has improved in the last few days. As
a result, the state did not issue any TWNs for
several days. Borrowing is expected to
resume, however, in February.

Year-to-date, revenues are (16.7)% below the
prior year, and $(554.5) million below the
budget forecast. Beginning next month,
collections will be gauged against the
updated January consensus forecast.

The (12.2)% decline in December revenues
reflects the 17th consecutive month of doubledigit declines in General Fund revenue
collections compared to the prior year.
Among the major revenue categories:
• December sales tax collections were
down (10.0)% compared to December
2008, and were $(36.5) million below the
monthly forecast. Year-to-date, sales tax
collections are down (15.4)% from the prior
year, and are $(186.0) million below
forecast. As in November, the retail
category decrease has improved, while
contracting continues its large decline.
December retail collections were down
(3.1)% compared to the prior year, while
contracting was down (36.6)%.
• December individual income tax
collections were (6.9)% below December
2008, and were $(23.4) million below

FY 2010 Revenues

December 2009 General Fund spending was
$638.5 million. December expenditures were
lower than the prior year due to the deferral
of a ($73.8) million payment to the Universities.
Year-to-date spending is ($287) million less
than FY 2009.
After reaching the high water mark of $905
million in December, daily borrowing declined
somewhat in January. The state pays its bills
out of the operating fund balance, which
consists of General Fund and certain
dedicated funds. To cover last year’s $(480)
million shortfall and this year’s $(1.9) billion
shortfall in the General Fund, the state has

Table of Contents

This report has been
prepared for the Arizona
Legislature by the Joint
Legislative Budget
Committee Staff on
January 29, 2010.

December Revenues ............................................. 4

Summary of Recent Agency Reports

Economic Indicators.............................................. 7

•
•
•
•
•

FAC Meeting Summary ....................................... 11
JCCR Meeting Summary
• ADOA/ADC – Prison Concession RFI ............. 11
• ADOA - Emergency Building Renewal.......... 11
• SFB - New School Construction Report ......... 11

ADC/ADOA – Public and Private Beds ......... 12
DEMA - Training on Arizona-Mexico Border . 12
Land Dept - Fire Suppression Activities ......... 12
Public Programs Eligibility Report ................... 12
ADOT – LTAF II .................................................... 13

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JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Summary
Table 1

(continued)

General Fund Revenues
Compared to Forecast and FY 2009 Collections
($ in Millions)

December
Year-to-Date

“The (12.2)%
decline in
December

•

revenues reflects
the 17th
consecutive
month of doubledigit declines in
General Fund
revenue
collections
compared to the
prior year.

FY 2010
Collections
$ 681.0
$ 3,357.3

forecast. Withholding tax collections were
(7.0)% below last year. Estimated and final
payments were down (26.3)% below last
year. These decreases were partially offset
by refunds, which were (72.3)% less than
last year.
December corporate income tax
collections were (43.8)% below last year,
and were $(34.3) million below the
forecast for the month. The decrease was
due to a (30.7)% decrease in gross
corporate collections, plus a 16.7%
increase in refunds for the month. Year-todate, corporate collections are down
(63.3)% from the prior year, and are
$(162.3) million below forecast.

FY 2010 Spending
December 2009 spending of $638.5 million
was $(141) million below December 2008. For
the year-to-date, spending of $5.2 billion is
($287) million below 2009 (See Table 2). The
highlights are:

•

•

•

The Arizona Department of Education
(ADE) has spent $2.35 billion year-to-date
in 2010, or $407 million more than 2009. In
December, ADE spending was $7.6 million
higher than the prior year. The year-todate increase over last year is primarily
due to ADE having made one more
payment to districts in FY 2010.
Spending in AHCCCS, DES and DHS is a
combined ($22.8) million less in December
than in 2009. This is generally consistent
with the FY 2010 budget assumption that
caseload growth in Medicaid spending in
those agencies would be offset by
varying degrees by enhanced federal
match from the federal stimulus
legislation.
University spending was ($88.3) million less
than in December of the prior year. This
decrease was due to an Executive
branch decision to defer a December
payment of $73.8 million to a later point in

Difference From
Budget Forecast
$ (90.2)
$ (554.5)

•

•

Difference
From FY 2009
$ (73.3)
$ (773.1)

the year. (The deferred payment was
made in January). Year-to-date University
spending is $482.2 million, or ($60.9) million
below FY 2009.
University spending was ($88.3) million less
than in December of the prior year. This
decrease was due to an Executive branch
decision to defer a December payment of
($73.8) million to a later point in the year
(The deferred payment was made in
January). Year to date University spending
is $482.2 million, or ($60.9) million below
FY 2009.
Offsetting the decreases is an increase of
$40-$45 million in payroll. State agency
payrolls through December totaled 14
year-to-date, compared to 13 in 2009.

Baseline and Executive Budget Summary
In mid-January the JLBC released its FY 2011
Baseline budget. The Baseline reflects a
consensus economic forecast and statutory
funding formula requirements. The Baseline
does not represent a budget proposal. In
summary:
•
•

•

The General Fund budget shortfall is
projected to be $(1.5) billion in FY 2010
and $(2.6) billion in FY 2011.
FY 2011 General Fund revenues are
forecasted to grow by 5.1% and revenues
would equal $6.9 billion. (See Finance
Advisory Committee discussion on page
11).
General Fund spending would grow by
$1.1 billion. Of that amount, $776 million is
to replace the loss of one-time federal
assistance. Normal formula growth is $335
million, or 3.5%. FY 2011 spending would
equal $9.5 billion.

In addition the Executive budget was
released, which contained the following
assumptions:
•

The Executive projects the General Fund
budget shortfall to be $(1.4) billion in

3

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Summary
•

(continued)

FY 2010 and $(3.2) billion in FY 2011.
FY 2011 General Fund revenues are
forecasted by the Executive budget to
grow by 4.1% and revenues would equal
$6.8 billion.

The Executive would address the FY 2011
shortfall with the following proposals:
•
•
•
•
•
•
“ADOA was able
to sell the entire
$735 million
issuance at an
average taxexempt interest
rate of 4.57%.”

Budget reductions – $1.28 billion
Debt - $320 million
Fund transfers - $204 million
Revenue proposals - $1.09 billion
Other proposals - $95 million
FY ’10 carry forward - $230 million

Sale/Lease-back Provisions
The FY 2010 budget authorized the Arizona
Department of Administration (ADOA) to
enter into a lease-purchase agreement in
FY 2010 for existing state-owned facilities. Any
lease-purchase agreements are required to
result in proceeds totaling $735 million to the
General Fund in FY 2010.
ADOA was able to sell the entire $735 million
issuance at an average tax-exempt interest
rate of 4.57%. The first 2 years will be interest
only payments of $42 million in FY 2011 and
$35 million in FY 2012. The average annual
debt service payments for the remaining 18
years will be $60 million.

Florence prisons, the Executive Tower, the
Senate and House of Representatives
buildings, the State Archives building, the
Department of Revenue building and parking
structure, the Department of Public Safety
Phoenix headquarters, the Arizona State
Hospital, the Coliseum and Exposition Center,
and the Phoenix Day School for the Deaf.
The debt was issued as a sale/lease-back
agreement, which means the state will sell the
properties to the trustee, and the trustee will
lease the properties back to the state. Since
the properties will be sold, the trustee will hold
the titles to the properties. The control of the
properties will remain with the state, but the
trustee literally "holds" the titles until the debt is
fully repaid.
If a state uses tax-exempt debt financing to
eliminate a budget shortfall, federal
regulations require the state to repay the
debt early if a state’s surplus exceeds 5% in a
future year. It is unclear whether the surplus
amount would include any future Budget
Stabilization Fund deposits.

The following properties were used as
collateral for the agreement: the Eyman and

Table 2
General Fund Spending ($ in Millions)

Dec
Agency
AHCCCS
Corrections
Economic
Security
Education
Health Services
Public Safety
School Facilities
Board
Universities
Other
Total

Change
from Dec 08

Year to
Date

YTD Change
from FY 09

129.5
78.5
3.7

(22.0)
(9.3)
(0.8)

745.3
420.0
447.6

(82.9)
(32.8)
(104.4)

383.6
17.2
1.9
0.1

7.6
(6.1)
(0.1)

2,349.5
301.9
42.0
82.2

406.5
(195.4)
9.7
(118.2)

0.1
23.9
638.5

(88.3)
(22.0)
(141.0)

482.2
366.0
5,236.7

(60.9)
(108.6)
(287.0)

4

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

December Revenues
Sales Tax collections were $272.7 million in
December. These revenues were down
(10.0)% compared to last December, and
were $(36.5) million below the budget forecast.
The December decline marked the 23rd
consecutive month of year-over-year
reductions, and the 14th consecutive month of
double digit declines compared to the
previous year. December collections also
marked the lowest collection month in dollar
terms since May 2004.
Table 3 displays the December growth rates for
the largest categories.

“December
[sales tax]
collections
…marked the
lowest collection
month in dollar
terms since May
2004.”

Table 3

Dec
(3.1)%
(36.6)%
1.6%
(18.6)%
(3.7)%

YTD
(9.7)%
(40.5)%
0.2%
(23.0)%
(4.4)%

As noted in previous months, retail and contracting together account for about 30% of all
sales tax revenues. The retail sector decreased
by only (3.1)% in December. However,
contracting continued its poor performance,
with a (36.6)% decrease for the month.
Within the retail category, General
Merchandise and Miscellaneous Retail was
down (5.7)% in November (latest available
data). Motor Vehicles was down (12.4)%
compared to November of the prior year.

Table 4

As indicated in Table 5 below, withholding tax
payments declined by (7.0)% in December, the
15th consecutive month of year-over-year
declines. The state has not suffered that many
months of year-over-year declines since at
least 1960.
Table 5

Sales Tax Growth Rates
Compared to Prior Year
Retail
Contracting
Utilities
Use
Restaurant & Bar

Individual Income Tax net revenues were
$317.8 million in December. Collections were
down (6.9)% compared to the prior year, and
were $(23.4) million below the budget forecast.
Year-to-date collections are down by (12.2)%
and are $(201.7) million below the forecast
amount. Table 5 displays December growth
rates for individual categories.

Individual Income Tax Growth Rates
Compared to Prior Year
Withholding
Estimated +
Final Payments
Refunds

December
(7.0)%
(26.3)%

YTD
(6.2)%
(31.0)%

(72.3)%

6.0%

December payments in the individual income
tax category were (26.3)% below last year, and
$(12.8) million below the forecast for the
month. Year-to-date, payments are (31.0)%
below last year, and $(77.5) million below the
forecast. While payments are down
significantly for the first 6 months of the fiscal
year, April final payments are key to individual
income tax collections for the year.
Approximately 80% of final individual income
tax payments are collected after April 15th.
December refunds totaled only $(5.2) million,

November Taxable Retail Sales by Subcategory

General/Misc. Merchandise
Motor Vehicles/Misc. Auto.
Bldg Materials and Supplies
Food and Liquor Stores
Furniture, Home Furnishings
Clothing and Accessories
Manufacturing
Other Subcategories
Total

% of
Total Sales
30.8%
20.3%
7.5%
7.5%
6.8%
5.8%
5.5%
15.8%
100.0%

% Change
Over FY 2009
(5.7)%
(12.4)%
(11.7)%
(6.7)%
(22.2)%
(8.1)%
(20.6)%
(14.3)%
(11.0)%

5

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

December Revenues
which was (72.3)% below the prior year. Yearto-date, refunds are 6.0% above the prior year,
and $24.3 million greater than forecast.
Corporate Income Tax net collections were
$62.6 million in December, which was $(34.3)
million below forecast for the month.
December is one of the 4 large collection
months for the corporate income tax
category, however gross payments were down
(30.7)% compared to the prior year, while
refunds were up 16.7%. Year-to-date,
corporate collections are (63.3)% below last
year, and $(162.3) million below the budget
forecast.

“Year-to-date
[tobacco tax]
collections are
down by (15.2)%
and are $(35.5)
million below the
budget
estimate.”

The Lottery Commission reports that ticket sales
for the month of December were $46.8 million,
which is $6.4 million above sales in December
2008, an increase of 16.0%. Year-to-date,
ticket sales of $256.6 million are $40.9 million or
19.0% above last year.
While ticket sales have increased $40.9 million
above last year at this time, distributions to
state beneficiaries are down $(2.7) million. As
we have noted in previous months, it appears
that sales have increased as prize payouts
have increased. Statute requires the Lottery
Commission to deposit at least 50% of ticket
sales into the fund used for prize payouts. Prior
to FY 2009, the percentage used for payouts
was about 56%. Currently, prize payouts
represent about 61% of ticket sales.
Higher prize payouts, however, result in
reduced distributions to state beneficiaries.
The percentage of ticket sales distributed to
beneficiaries has dropped from 30% prior to
FY 2009 to approximately 22% so far in FY 2010.
The Lottery Commission notes that by the end
of the fiscal year, the percentage of ticket
sales distributed to beneficiaries will equal 26%.
Tobacco Tax revenues were $26.9 million in
December. Collections were down (16.0)%
compared to the prior year, and were $(6.1)
million below the budget estimate for the
month. Year-to-date collections are down by
(15.2)% and are $(35.5) million below the
budget estimate.
Less than 10% of tobacco taxes are deposited
directly into the General Fund. The remainder
primarily goes to AHCCCS and the
Department of Health Services to defray the
General Fund cost of operating those
programs.

(Continued)

Non-General Funds
Highway User Revenue Fund (HURF) revenues
consist of gasoline and use fuel (diesel) tax,
motor carrier fees (commercial carriers),
vehicle license tax and registration fees, and
various other fees.
HURF collections of $94.7 million in December
were down $(2.4) million or (2.5)% compared
to December of last year. Year-to-date, total
HURF collections of $579.2 million are down
$(46.5) million or (7.4)% compared to the prior
year.

6

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Table 6

State of Arizona
General Fund Revenue:

Change from Previous Year and Budget Forecast
December 2009
Current Month

FY 2010 YTD (Six Months)

Change From
December 2008

Actual
December 2009

Percent

Amount

Change from
Forecast
Percent

Amount

December 2008

Actual
December 2009

Forecast

Percent

Amount

Percent

Amount

Taxes
Sales and Use
Income - Individual
- Corporate

$272,663,118

($30,158,109)

(10.0) %

($36,522,737)

(11.8) %

$1,692,629,129

($308,687,291)

317,770,210

(23,511,072)

(6.9)

(23,384,631)

(6.9)

1,452,805,928

(201,885,528)

(15.4) %
(12.2)

($185,971,002)
(201,733,093)

(12.2)

(9.9) %

62,629,620

(48,831,802)

(192,831,466)

(63.3)

(162,281,041)

(59.2)

(43.8)

(34,309,480)

(35.4)

111,832,159

Property

5,242,882

989,361

23.3

1,615,882

44.6

11,471,227

1,450,841

14.5

2,362,227

25.9

Luxury - Tobacco

1,871,551

(644,458)

(25.6)

(27.7)

13,009,282

(2,480,348)

(16.0)

(2,747,718)

(17.4)

(194,350)

(1.4)

(622,040)

(4.3)

- Liquor
Insurance Premium
Estate
Other Taxes
Sub-Total Taxes

(718,449)

3,265,551

807,000

32.8

705,551

27.6

13,917,960

40,837,773

4,577,430

12.6

4,237,773

11.6

173,706,293

10,290,628

6.3

4,381,293

0

0

333,384

229,071

219.6

333,384

196,636

154,593

456,909

189,800

71.1

141,909

$704,477,341

($96,617,057)

-367.7
(12.1) %

0
144,136
($88,231,955)

-274.5
(11.1) %

$3,470,162,271

($693,918,643)

(16.7) %

($546,136,081)

2.6
-45.1
(13.6) %

Other Revenue
Lottery

3,231,300

2,023,600

167.6

License, Fees and Permits

2,454,870

182,338

8.0

Interest
Sales and Services
Other Miscellaneous
Disproportionate Share
Transfers and Reimbursements
Sub-Total Other Revenue
TOTAL BASE REVENUE

131,300

4.2

15,537,600

(8,188,800)

(34.5)

(400,130)

(14.0)

13,313,328

(3,613,173)

(21.3)

0.2
(30.8)

33,821

(1,088,208)

(97.0)

--

1,174,537

(7,914,148)

(87.1)

1,174,537

910,181

(2,701,263)

(74.8)

(3,419,819)

(79.0)

11,692,890

(7,308,584)

(38.5)

(9,997,110)

(46.1)

(125,281)

(2,841,587)

--

(2,125,281)

--

20,674,665

(1,474,197)

(6.7)

(1,325,335)

(6.0)

--

0

0

32,591,618

8,925,090

0

0

4,456,467

1,624,704

-57.4

33,821

37,600
(5,921,672)

0
3,771,467

550.6

-37.7

0
7,701,618

--

-30.9

10,961,358

(2,800,416)

(20.3) %

(2,008,642)

(15.5) %

94,984,638

(19,573,812)

(17.1) %

(8,330,362)

(8.1) %

$715,438,699

($99,417,473)

(12.2) %

($90,240,597)

(11.2) %

$3,565,146,909

($713,492,455)

(16.7) %

($554,466,443)

(13.5) %

Other Adjustments
Urban Revenue Sharing
Budget Plan Transfers
Other Revenue
Sub-Total Other Adjustments

(52,387,054)

8,252,729

--

0

0.0

(314,322,315)

49,516,385

17,911,666

17,911,666

--

0

0.0

99,268,669

(116,278,123)

0

0

--

0

26,164,395

-- %

0

0.0 %

7,195,100
(207,858,546)

7,195,100

--

0.0

0

0.0

--

0

0.0

(59,566,638)

40.2 %

(3)

0.0 %

$680,963,311

($73,253,078)

(9.7) %

($90,240,597)

(11.7) %

$3,357,288,363

($773,059,093)

(18.7) %

($554,466,446)

(14.2) %

Highway User Revenue Fund

$94,719,000

($2,382,000)

(2.5) %

($9,631,000)

(9.2) %

$579,223,000

($46,469,000)

(7.4) %

($28,885,000)

(4.7) %

Tobacco Tax (All Funds Total)

$26,921,160

($5,116,902)

(16.0) %

($6,082,428)

(18.4) %

$165,341,869

($29,613,188)

(15.2) %

($35,488,518)

(17.7) %

TOTAL GENERAL FUND REVENUE

(34,475,388)

--

(3)

(53.9)

Non-General Funds

7

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Economic Indicators
NATIONAL

“…any signs of a
housing recovery
could be
hampered by
the ongoing
weakness in the
job market and
the prospect of
higher future
interest rates.”

According to the advance estimate of the U.S.
Real Gross Domestic Product (GDP) for the 4th
quarter of 2009, the nation’s economy grew at
an annual rate of 5.7%. While this figure
exceeded most analysts’ expectations, it bears
pointing out that 3.4% of the 5.7% real GDP
growth was due to a sharp slowdown in the
rate at which businesses drew down
inventories. Because so much of the 4th
quarter real GDP surge can be attributed to
the inventory cycle, most analysts expect a
more muted growth rate in the 1st quarter of
2010. Final sales growth, which excludes the
impact of the inventory cycle, and is therefore
arguably a better measure of the underlying
path of the economy, grew at a more modest
rate of 2.2%. This was still an improvement over
the 3rd quarter final sales growth rate of 1.5%.
A promising aspect of the GDP news release is
that business spending on equipment and
software grew by 13.3% in the last quarter of
2009, the best performance since the 1st
quarter of 2006. Increased spending on
equipment typically signals that businesses are
becoming more confident about the future,
which in turn may lead them to start hiring
workers again.
In January, the Conference Board’s U.S.
Consumer Confidence Index was 55.9, up 2.3
points from the December level of 53.6. The
measure is up 49.5% from the index a year ago
and 4.3% above the reading in December
2009. The report suggests the improvement in
the reading was an improved view of
consumer’s present situation as well as
expectations. Since January 1978, the index
has ranged from 25.3 (February 2009) to 144.7
(January 2000 and May 2000).
In December, the Conference Board’s U.S.
Index of Leading Economic Indicators
increased to 106.4, 1.1% above the revised
November levels and 7.6% above the index a
year ago. The index, designed to anticipate
economic activity 3 to 6 months in advance,
has now increased for 9 consecutive monthscontinuing to suggest an economy recovery
may be underway. In December, 8 of the 10
components that make up the composite
index advanced, relative to November, with
interest rate spreads and building permits
having the greatest increase. Relative to the
prior month, average weekly state
unemployment insurance claims was the only

component that declined, while average
workweek manufacturing hours remained
unchanged.
Consumer prices, as measured by the U.S.
Consumer Price Index (CPI), increased by 0.1%
in December, the 5th straight month with rising
prices. Compared to the same month in the
prior year, the CPI was up by 2.8%. Most of the
year-over-year increase can be attributed to
an 18.2% increase in energy prices. For the
year as a whole, the CPI decreased by (0.4)%,
the first such decline since 1955. The core CPI,
which excludes food and energy prices, rose
by 0.1% in December. The core CPI has
increased by 1.8% over the last 12 months.
The Semiconductor Industry Association (SIA)
reported that Semiconductor Billings (3-month
moving average) in the U.S. increased to $3.88
billion in November - the ninth consecutive
month semiconductor sales increased. Month
over month, sales increased 6.0%, while year
over year, sales increased by 25.9%. The report
and data suggests that November was the first
month in 2009 where the aggregate sales of all
markets, including the U.S., resulted in a year
over year increase. The Semiconductor
Industry Association’s most recent forecast
points towards an increase in worldwide sales
of 10.2% in 2010 and 8.4% in 2011.
ARIZONA
The release of calendar year-end data
suggests several trends in job and housing
data. The newest round of employment data
strongly suggests that job losses peaked in
August 2009 and have started to moderate
ever since. While the private sector shows
some tepid signs of improvement, the
government sector, by contrast, is
experiencing an acceleration in job losses.
These trends are expected to continue in the
ensuing months.
ASU’s Realty Studies Group reported recently
that there were a record 112,725 resale
transactions in the Greater Phoenix Area in
2009. This exceeded the previous record set in
2005 with 110,875 resale transactions.
However, unlike 2005, the real estate market in
2009 was dominated by foreclosure related
activity (about 67% of total resales) and falling
home prices. By contrasts, the housing boom
in the mid-2000s was fueled by the expectation
of ever rising home prices.

8

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Economic Indicators

(Continued)

The ASU report cautioned that any signs of a
housing recovery could be hampered by the
ongoing weakness in the job market and the
prospect of higher future interest rates.
Additionally, it also remains to be seen how the
housing sector will fare once the various
federal stimulus programs, such as the housing
tax credits, are eliminated.
Overall, the latest monthly data continue to
show stabilization in the state economy, albeit
at low levels.

total nonfarm
employment was
down by (4.8)%,
which translates
into a net job loss
of (123,800), the
smallest such
loss since
October 2008.”

The December state coincident index for
Arizona declined by (0.1)% over the prior
month. The index was (5.7)% below the
reading in December 2008 and (11.5)% below
its peak in August 2007. By way of comparison,
the national index rose by 0.1% in December
and was (2.2)% below last year’s level. The Fed
reported that the index increased in 3 states,
decreased in 40 states, and remained
unchanged in the remaining 7 states last
month.
The graph below shows the history of the
Arizona coincident index.
Arizona Coincident Economic Activity Index
230

220
(July 1992 = 100)

“Year over year,

As reported in recent issues of Monthly Fiscal
Highlights, the Federal Reserve Bank’s
coincident index is a relatively new measure
designed to gauge current economic activity
in the nation’s 50 states, including Arizona. The
index combines four state-level indicators into
a single statistic: nonfarm payroll employment,
average hours worked in manufacturing,
unemployment rate, and inflation-adjusted
wages.

210

200

190
Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

According to new figures released by the
Arizona Department of Commerce, the state
lost (1,700) nonfarm payroll jobs in December.
Year over year, total nonfarm employment
was down by (4.8)%, which translates into a net

job loss of (123,800), the smallest such loss since
October 2008. The state has shed (10.2)% of its
workforce, or (276,100) jobs, since the recession
started in December 2007.
December marked the third consecutive
month with monthly increases in private sector
employment. A total of 30,600 private sector
jobs were added to the payrolls over this
period (October through December). This
figure is almost on par with the average
increase for the comparable period in the
prior 10 years. More than half of the private
sector job gains in the last quarter of 2009 were
from the trade, transportation, and utilities
sector.
Construction sector jobs declined by (2,300) in
December. The industry now employs (31,100)
or (19.1)% fewer workers than a year ago. As
of December, the construction sector had
131,800 workers on the payroll, the lowest
number since April 1996. During the peak of
the housing boom in the summer of 2006, the
industry employed close to 250,000
construction workers.
The manufacturing sector dropped (700) jobs in
December. Year over year, manufacturing
employment is down by (6.6)%. The only
segment of the manufacturing industry that
has expanded its workforce over the last 12
months is the aerospace products and parts
sector, which has grown by 3.5%.
The average weekly hours of production
workers in manufacturing industries is a leading
indicator since “factory hours” tends to lead
the business cycle as employers usually adjust
work hours before increasing or decreasing
the size of their workforce. According to the
Department of Commerce, the average work
week in December was 39.0 hours compared
to 39.2 hours in the prior month. The long-run
average for the manufacturing industry in
Arizona is 40.3 hours. Year over year, the
average work week is down by (1.5) hours or
(3.7)%.
The state’s unemployment rate in December
was 9.1%, an increase of 0.3% over the prior
month. This was still (0.2)% below the
unemployment rate recorded for October, the
highest rate in the current business cycle. The
U.S. unemployment rate in December
remained at 10.0%.

9

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Economic Indicators
The Department of Commerce reported that
28,567 initial claims for unemployment
insurance were filed in December, the lowest
level since September 2008. December
marked the second straight month with a
year-over-year decline in claims. Initial jobless
claims peaked in April when more than 41,000
individuals filed for benefits. For the week
ending January 16, a total of 94,110 Arizona
residents filed for continued claims for jobless
benefits. This was (19.3)% below the recordhigh level reported for the first week of August
last year.

“In January,
AHCCCS
caseloads
equaled
1,361,980
members, which
is (0.4)% below
the number of
recipients in the
previous month.”

According to data released by the U.S.
Census Bureau, an average of 1,175 building
permits were issued each month for the
period between September and November
2009. This amount includes an average of
1,065 single-family residential building permits
and 110 multi-family permits. Compared to
the prior 3-month period, the number of
single-family permits issued increased 2.9%
while the number of multi-family permits
increased 90.2%. Compared to the same
period in the prior year, activity in the single
family segment increased 47.6%, while permits
in the multi-family segment was down by
(62.7)%.
ASU’s December real estate report suggests
that in December, the single-family median
resale home price was $145,000 while the
number of single-family existing home sales
totaled 9,800. The median sales price was
relatively flat from the prior month and the
sales price reported a year ago. Relative to
its peak in June 2006 ($267,000), the median
resale price is down (45.7)% . The 9,800
transactions are 17.6% above November
levels and 32.0% above the number of
transactions in a year ago. Sales activity
reached a high of 11,820 in June 2009.
In the multi-family segment, ASU’s report
indicates there were 1,510 townhousecondominium median transactions with a
median sales price of $100,000. The total
number of units bought and sold has increased
108.0% above December 2008 levels. The
median resale price has decreased (5.6)% and
(22.9)% relative to prices in the prior month and
prior year respectively. The median resale
price reached a high of $189,990 in May
2007.

(Continued)

The S&P/Case-Shiller Home Price Index
measures housing prices based on repeat
sales. Based on the most recent 3-month
moving average calculation, the October
index for the Phoenix metropolitan area
increased on a month-over-month basis for
the sixth straight month to a level of 111.96. At
its current level, the index increased 1.1%
relative to the prior month but was down
(14.2)% on a year-over-year basis. The
Phoenix index peaked in June 2006 at 227.42.
The S&P/Case-Shiller composite index which
measures housing prices in 20 metropolitan
areas, is down (0.2)% and (5.3)% on a monthover-month and year-over-year basis,
respectively.
According to seasonally adjusted MLS data,
the month’s supply of housing indicator
decreased by (0.4) months between
November and December. The measure
currently suggests that it would take 5.2
months to deplete the current inventory of
unsold homes. At this level, the supply of
housing is (3.5) months less than it was a year
ago and (11.4) months below the September
2007 high of 16.6 months.
In January, AHCCCS caseloads equaled
1,361,980 members, which is (0.4)% below the
number of recipients in the previous month.
AHCCCS caseloads are currently 18.2% above
January 2008 levels. The FY 2010 budget
funded a projected June caseload growth of
10.7%, for a total of 1,388,147 members.
There were a reported 86,216 TANF recipients
in the state in November, which represented
a monthly caseload decrease of (1.7)%.
Year-over-year, however, the number of
TANF recipients has increased 2.3%. The
FY 2010 budget assumed that the June 2010
TANF caseload would be 84,287.
The Supplemental Nutrition Assistance
Program (SNAP), formerly known as Food
Stamps, provides assistance to low-income
households to purchase food. In November,
there were a total 1,013,422 food stamp
recipients in the state, an increase of 2.7%
over the prior month. Compared to the
same month last year, food stamp
participation was up by 35.3%. The number
of food stamp recipients began increasing
steadily in July 2007, after several years in the
550,000 to 575,000 range.

10

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Economic Indicators

(Continued)

The Department of Correction’s (ADC) inmate
population increased to a 3-month average
count of 40,667 inmates between October and
December 2010. This equates to an average
monthly decrease of (19) inmates and a year
over year increase of 1,172 inmates. In FY 2010,
the department was funded for growth of
1,812 inmates. Fiscal year-to-date, population
growth has increased by 22 inmates.

state and counties share the costs of adult
and juvenile probation programs. Based on
adult and juvenile probation data from
September and November, respectively, the
non-Maricopa probation caseload was
19,814 individuals - 102 fewer probationers
than the prior month and 199 probationers
less than a year ago. In Maricopa County,
there were 29,254 probationers during the
period, 541 fewer than the prior month and
367 more than a year ago.

With the exception of Maricopa County (that
funds all of their probation programs) the

Table 7

ECONOMIC INDICATORS
Indicator
Arizona
- Unemployment Rate
- Initial Unemployment Insurance Claims
- Non-Farm Employment – Total
Manufacturing
Construction
- Average Weekly Hours, Manufacturing
- Contracting Tax Receipts (3-month average)
- Retail Sales Tax Receipts (3-month average)
- Residential Building Permits (3-month moving average)
Single-unit
Multi-unit
- Greater Phoenix Existing Home Sales
Single-Family
Townhouse/Condominium
- Greater Phoenix Median Home Sales Price
Single-Family
Townhouse/Condominium
S&P/Case-Shiller Home Price Index (Jan. 2000 = 100)
- Months Supply of Housing, (ARMLS)
- Phoenix Sky Harbor Air Passengers
- Arizona Average Natural Gas Price
($ per thousand cubic feet)
- Arizona Consumer Confidence Index (1985 = 100)
- Arizona Coincident Index (July 1992 = 100)
- Arizona Personal Income
- Arizona Population
- AHCCCS Recipients
- TANF Recipients
- SNAP (Food Stamps) Recipients
- ADC Inmate Growth (3-month average)
- Probation Caseload (Adult/Juvenile)
Non-Maricopa
Maricopa County
United States
- Gross Domestic Product
(Chained 2005 dollars, SAAR)
- Consumer Confidence Index (1985 = 100)
- Leading Indicators Index (2004 = 100)
- U.S. Semiconductor Billings (3-month moving average)
- Consumer Price Index, SA (1982-84 = 100)

Time Period

Current Value

Change From
Prior Period

Change From
Prior Year

December
December
December
December
December
December
Oct-Dec
Oct-Dec

9.1%
28,567
2.44 million
159,600
131,800
39.0
$34.8 million
$128.3 million

0.2%
(0.7)%
(0.1)%
(0.4)%
(1.7)%
(0.5)%
(2.0)%
1.2%

2.5%
(17.0)%
(4.8)%
(6.6)%
(19.1)%
(3.7)%
(41.6)%
(7.0)%

Oct-Dec
Oct-Dec

1,065
110

2.9%
90.2%

47.6%
(62.7)%

December
December

9,800
1,510

17.6%
29.1%

32.0%
108.3%

December
December
November
December
August
October

$145,000
$100,000
111.96
5.2 months
3.07 million
$8.37

1.0%
(5.6)%
1.1%
(0.4) months
3.6%
41.9%

(1.4)%
(22.9)%
(14.2)%
(3.5) months
(3.8)%
47.6%

3rd Quarter 2009
December
3rd Quarter 2009
July 1, 2009
January
November
November
Oct-Dec

60.2
198.71
$217.7 billion
6.60 million
1,361,980
86,216
1,013,422
40,667

26.6%
(0.1)%
0.0%
N/A
(0.4)%
(1.7)%
2.7%
(19) inmates

NA
(5.7)%
(2.6)%
1.5%
18.2%
2.3%
35.3%
1,172 inmates

Sep/Nov
Sep/Nov

19,814
29,254

(102)
(541)

(199)
(367)

4th Quarter 2009
(1st Estimate)
January
December
Sep-Nov
December

$13.2 trillion

5.7%

0.1%

55.9
106.4
$3.88 billion
217.54

4.3%
1.1%
6.0%
0.1%

49.5%
7.6%
25.9%
2.8%

11

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

FAC Meeting
At its January 21, 2010 meeting, the Finance
Advisory Committee (FAC) heard presentations
on General Fund Revenue collections, the U.S.
economy, and Arizona employment. The FAC
is a 15-member panel comprised of leading
economists in the state. The panel meets 3
times a year and advises the Legislature on the
state economy.
JLBC Staff provided members with the latest 4sector consensus estimates for “Big 3” revenue
collections. The 4-sector consensus estimate is
a composite of equally weighted estimates
from:
•
The University of Arizona Economic
and Business Research (EBR) General
Fund baseline model;
•
The EBR conservative forecast model;
•
The FAC panel; and
•
JLBC Staff.

For FY 2011, each component of the 4-sector
consensus showed improvement from FY 2010,
with positive growth rates that equated to an
estimated growth rate of 5.1%.
The presenters generally believed that the
economic contraction had bottomed out and
that positive signs of returning growth in the
economy were evident. The presenters also
agreed the recovery is likely to be gradual and
take place over the course of several years.
Beyond FY 2011, the 4-sector consensus
projects 6% to 9% growth through FY 2013.

The 4-sector consensus forecast projects a
revenue decline of (8.9)% in FY 2010, prior to
any tax law changes. Year to date collections
through December are down (16.7)% as
compared to the same period last year.
Based on the year-to-date decline it was
recommended that a (10.8)% decline be used
for FY 2010 rather than the consensus forecast.

JCCR Meeting
At its January 26, 2010 meeting, the Joint
Committee on Capital Review considered the
following issues:
Arizona Department of Administration/State
Department of Corrections -– Review of Prison
Concession Agreement Request for
Information – This item was discussed in
Executive Session and was given a favorable
review including 4 provisions.
Arizona Department of Administration –
Review of FY 2010 Emergency Building
Renewal Projects – The Committee favorably
reviewed the department to spend $222,500
of its $1,000,000 FY 2010 building renewal
appropriation on the following 2 emergency
projects: 1) $22,500 to repair the chimney cap
at 1688 W. Adams; and 2) $200,000 to repair
the cooling towers at 15 S. 15th Avenue.

School Facilities Board – Review of FY 2010
New School Construction Report – The
Committee favorably reviewed the School
Facilities Board’s FY 2010 New School
Construction Report, which included
demographic assumptions, proposed
construction schedule, and new school
construction cost estimates.

12

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Summary of Recent Agency Reports
State Department of Corrections/
Arizona Department of
Administration – Report on the
Status of Public and Private Beds –
Laws 2007, Chapter 261 authorized
the Arizona Department of
Administration (ADOA) to contract
for 2,000 new private prison beds, as
well as the construction of 4,000
new public beds, to be funded via
a 20-year, $200 million leasepurchase agreement. Highlights of
this report for the 3-month period
ending December 31, 2009 are as
follows:
2,000 Private Beds
•
Construction of the 2,000
private bed expansions in
Kingman is 99% complete.
Upon completion of the
exercise yard, the facility will be
ready for final acceptance.
The FY 2010 General
Appropriation Act funds the
phase-in of 50 beds per week
starting January 11.
Information from the
department, however, suggests
the phase-in will occur
between April 2010 and July
2010.
4,000 State Beds
•
Construction of the additional
beds at the Yuma, Perryville,
and Tucson prisons is 95%, 95%,
and 98% complete,
respectively. All beds are
anticipated to be completed
by February 2010.
•
As part of expanding the beds
at the Perryville prison,
modifications to the existing
kitchen need to be made.
These modifications will begin
in February and are
anticipated to be completed
by June 2010.
•
As part of the additional beds
at the Yuma prison, an
expansion of the wastewater
treatment plant was necessary.
While that project is nearly
complete, concerns regarding
water quality have risen. The

State Department of
Corrections (ADC) is currently
working with the Department of
Environmental Quality and the
Bureau of Reclamation about
these issues.
•
Of the lease-purchase
proceeds received for these
projects, ADOA and ADC
indicated the project was $11.8
million under budget. As a
result, Laws 2009, 5th Special
Session, Chapter 1 reverted $11
million appropriated for the
lease-purchase payment to the
General Fund. Legislative
intent is that ADOA and ADC
use the excess lease-purchase
proceeds to fund the FY 2010
payment.
(Martin Lorenzo)
Department of Emergency and
Military Affairs - Report on Request
to Conduct Training on the ArizonaMexico Border – Pursuant to a
footnote in the General
Appropriation Act (Laws 2009,
Chapter 12), the Arizona
Department of Emergency and
Military Affairs (DEMA) was to
request permission from the U.S.
Department of Defense (DOD) to
conduct training exercises along
the state’s southern border. The
footnote also requires DEMA to
report to JLBC about the response
from the DOD.
According to DEMA, DEMA did not
and does not plan to request
permission from the DOD to
conduct training along Arizona’s
southern border for 2 reasons:
1.

2.

Training locations for guard units
are selected by unit
commanders and approved by
the Arizona National Guard, not
by the DOD.

DEMA does not have a training
facility adjacent to the border
that is suitable for training.
(Eric Billings)

State Land Department – Report on
Fire Suppression Activities – A.R.S. §
37-623.02E requires the State Land
Commissioner to submit a report by
December 31 of each year on the
uses of monies authorized to be
expended from the Fire Suppression
Revolving Fund. In FY 2009, there
was a total of $13.5 million in
liabilities incurred by the fund. Of
the liabilities, the department made
payments of $11.6 million in FY 2009.
In terms of fire fighting activity, Fire
Suppression Revolving Fund monies
were used to fight a total of 658
fires, resulting in a total liability of
$12.1 million. (Jay Chilton)
Public Programs Eligibility Report –
As enacted in the 2006 election,
Proposition 300 limits participation in
certain state programs to citizens,
legal residents, or other persons
lawfully present in the United States,
and requires semi-annual reports to
the Joint Legislative Budget
Committee. Below is a summary of
the reports:
Community Colleges – Statewide,
the Community Colleges reported a
total of 414,666 students classified
as in-state. They reported 3,982
students who were not entitled to
be classified as in-state because of
a lack of lawful immigration status.
Additionally, 156,840 students
applied for financial aid. Of those
who applied, the community
colleges reported that 309 were not
entitled to any aid because they
were not lawfully present in the
United States.
Universities – At the 3 universities,
129,612 students registered for the
fall 2009 semester. Of the total
students registered, the universities
were able to verify the legal
immigration status of 118,237
students. Additionally, the
universities reported that 8,253 of
these students did not require
verification because they have
either not requested, or received in-

13

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Summary of Recent Agency Reports
state tuition or state supported
financial aid. The universities
reported that a total of 304 students
were unverifiable due to their
inability to provide the requisite
documentation.
Department of Economic Security –
The department reported that 9,557
applications were received for child
care assistance during the reporting
period of June 1, 2009 to November
30, 2009. Of this number, 39 were
denied because criteria for
citizenship or legal residency were
not met.
Arizona Department of Education –
The department reported that
18,488 people applied for
instruction in Arizona Adult
Education during the reporting
period of June 1, 2009 to November
30, 2009. Of this amount, 523 were
denied instruction because they
failed to provide acceptable
evidence of citizenship or legal
residence in the United States.
Additionally, the Family Literacy
Program reported a total of 326
applicants for services in FY 2009.
Of this amount, 180 were not
eligible for enrollment.
(Kim Cordes-Sween)
Department of Transportation –
Report on Local Transportation
Assistance Fund II (Mass Transit) –
A.R.S. § 28-8103 requires the Arizona
Department of Transportation
(ADOT) to submit an annual report
on the allocation of Local
Transportation Assistance Fund II
(LTAF II) monies by January 1 of
each year. The statutory maximum
annual allocation is $18,000,000.
ADOT reports that they allocated
$9,200,000 of FY 2009 LTAF II revenue
to counties and local governments
in December 2009. Of the total
amount, $5,534,300 was distributed
to Valley Metro/Regional Public
Transportation Authority and
$1,407,200 was distributed to the
Pima Association of Governments in
matching monies. (Juan Beltran)

(Continued)

14

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Table 8

Agency
Department of Administration
Office of Administrative Hearings
Department of Agriculture
AHCCCS
Arizona Commission on the Arts
Attorney General
AZ Capital Post Conviction Public
Defender
State Board of Charter Schools
State Bd. of Chiropractic Exam.
Department of Commerce
Community Colleges
Corporation Commission
Department of Corrections
AZ Criminal Justice Commission
AZ State Board of Cosmetology
AZ St. Schools for the Deaf & Blind
Dept. of Economic Security
Department of Education
DEMA
Dept. of Environmental Quality
DEQ-WQARF
Office of Equal Opportunity
State Board of Equalization
Board of Executive Clemency
Dept. of Financial Institutions
Department of Fire, Life, Bldg Safety
State Board of Funeral Directors
Arizona Geological Survey
Government Information Tech.
Governor
Department of Health Services
Arizona Historical Society
Prescott Historical Society of AZ
Independent Redistricting Comm.
AZ Commission of Indian Affairs
Department of Insurance
Judiciary
Supreme/Superior Court
Court of Appeals
Dept. of Juvenile Corrections
State Land Department
Law Enforcement Merit System
Legislature
Auditor General
House of Representatives

General Fund Spending
($ in Thousands)
Change from
Dec 09
Dec 08
(745.1)
1,217.5
11.4
(41.5)
644.2
(118.5)
129,454.1
(22,000.8)
24.8
(26.0)
1,407.3
675.3
63.9
8.2

Year-to-Date
10,461.1
525.2
5,532.6
745,315.0
357.1
11,338.4
365.7

YTD Change from
FY ‘09
(10,493.4)
(204.9)
(1,402.6)
(82,910.8)
(268.2)
(1,851.1)
(62.0)
(105.8)
148.0
(23,280.7)
(6,404.8)
(2,394.4)
(32,793.7)
(786.2)
252.0
(3,877.4)
(104,356.6)
406,534.4
(1,843.0)
(278.7)
(6,000.0)
(19.9)
(75.3)
(50.8)
(134.5)
(370.3)
100.0
(9.8)
(488.0)
558.6
(195,367.1)
(452.9)
(120.9)
(111.2)
(50.2)
(891.4)

55.0
132.2
86.1
78,473.9
183.7
3,741.8
383,611.0
279.2
525.4
(0.8)
52.0
70.5
285.9
325.0
52.1
42.2
1,277.3
17,225.5
217.5
49.5
5.5
457.9

(12.1)
(215.9)
(138.3)
(9,294.2)
(0.2)
(3,217.5)
(781.3)
7,605.9
(1,286.2)
(205.0)
(18.2)
16.1
(12.1)
70.3
78.6
(26.6)
(152.4)
327.7
24.4
19.9
(12.6)
(12.7)
(17.8)
(181.3)

432.6
148.0
1,757.7
66,213.2
308.8
419,976.4
(4.6)
252.0
9,800.9
447,616.5
2,349,519.5
4,347.0
3,083.8
7,000.0
109.7
388.7
621.0
2,037.0
1,541.0
100.0
448.6
262.0
6,012.5
301,902.1
2,583.2
313.9
25.5
63.5
3,514.3

2,222.4
820.6
4,259.2
3,051.0
2.5

(3,192.2)
(615.7)
(1,435.7)
1,857.3
(4.1)

52,634.8
7,693.2
38,524.3
10,483.0
39.6

(6,153.4)
(146.4)
(2,580.3)
117.5
(3.0)

1,666.0
1,201.3

(344.0)
(10.0)

8,995.1
7,008.1

(1,288.6)
215.2

15

JLBC – MONTHLY FISCAL HIGHLIGHTS – JANUARY 2010

Agency
Joint Legislative Budget Comm.
Legislative Council
AZ Library and Archives
Senate
Dpt. of Liquor Licenses
Board of Medical Student Loans
Mine Inspector
Dpt. of Mines & Mineral Resources
Nav. Streams & Adjudication
State Board of Nursing
OSHA
Board of Osteopathic Examiners
Arizona State Parks Board
Personnel Board
Arizona Pioneers Home
Comm. for Postsecondary Ed.
State Board of Psychologist Exam.
Department of Public Safety
Arizona Department of Racing
Radiation Regulatory Agency
Arizona Rangers Pension
Real Estate Department
Department of Revenue
School Facilities Board
Secretary of State
Tax Appeals Board
Office of Tourism
Department of Transportation
State Treasurer
Universities
Board of Regents
Arizona State University
Northern Arizona University
University of Arizona
Department of Veteran Services
AZ State Veterinary Medical
Examining Board
Department of Water Resources
Dept. of Weights & Measures
Other
Grand Total

Change from
Dec 08
(2.7)
(1,323.4)
635.3
50.4
(315.9)
38.3
(40.2)
(18.7)
(0.5)
(11.5)
3.8
(679.6)
(29.9)
179.0
(6,090.2)
(105.2)
243.7
(8,947.5)
(120.2)
(493.5)
(10.1)
(0.7)
(3.5)
109.4

Year-to-Date
1,344.1
2,969.9
3,918.1
4,971.2
739.9
746.0
743.7
407.0
87.5
7.8
100.0
21,900.3
1,372.1
300.0
42,037.4
3,298.9
771.3
7.0
2,118.1
15,219.4
82,199.4
1,672.6
145.7
200.0
32.8
1,563.0

YTD Change from
FY ‘09
(77.0)
(6,660.9)
(522.6)
271.3
(1,830.6)
(139.0)
(147.9)
100.6
(51.0)
(73.4)
7.8
100.0
(2,868.4)
(207.3)
(4.0)
(2,288.3)
300.0
9,714.5
1,862.8
(199.0)
0.1
(103.7)
(25,083.3)
(118,161.6)
(1,196.0)
(17.2)
199.3
(4.9)
117.9

48.2
443.1
-

19.5
(40,016.5)
(13,463.3)
(34,859.4)
(131.3)
-

14,303.5
211,929.7
71,341.9
184,667.8
4,052.6
250.0

1,231.7
(28,169.1)
(9,438.1)
(24,488.8)
(113.6)
250.0

1,557.7
65.6
(252.8)
638,473.0

82.6
(61.0)
(2225.3)
(141,021.7)

9,414.5
687.9
21,570.8
5,236,740.1

2,380.4
(164.6)
(1,857.1)
(287,034.1)

Dec 09
217.2
302.5
1,084.0
845.9
3.9
313.8
110.2
34.1
7.8
3.8
484.2
1,917.2
41.2
1.2
246.5
(2,841.8)
103.2
261.4
13.6
267.0