JLBC - Monthly Fiscal Highlights

April 2015

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

March General Fund revenues totaled
$595.4 million, which is an increase of 0.5%
above March 2014. March collections were
$51.3 million above the enacted budget
forecast.
There is insufficient data in the middle of tax
filing season to determine if the March results
are due to the short-term timing of returns or
represent a real gain. April data will help, but
not entirely resolve this issue.

www.azleg.gov/jlbc.htm

“Year-to-date,
base General
Fund revenues
are 4.9%
above the
prior year and
are $87.5
million above
the enacted
budget

One contributing factor to the forecast
overage was the Corporate Income Tax, which
did not decline as much as expected.
Compared to March 2014, Corporate Income
Tax had been forecasted to decline as the
state began to feel the impact of several tax
reductions being phased in during FY 2015 – FY
2018. The impact of these tax reductions,
however, may be delayed due to the timing of
corporation filings.
In addition, the March results were helped by
the Individual Income Tax category, which
grew by 14.3% and was $36.0 million above the
enacted forecast for the month. The gain was
a combination of higher withholding and
higher final payments. The latter may be a
function of when filers submitted returns more
than a permanent increase.
Year-to-date, base General Fund revenues are
4.9% above the prior year and are $87.5 million
above the enacted budget forecast. These
amounts exclude Urban Revenue Sharing and
one-time adjustments.

forecast.”

April FAC Summary
The Finance Advisory Committee (FAC)
met on April 9, 2015 to update its 4-sector
revenue forecast. The FAC is a 13-member
panel of private and public sector
economists and their views serve as one of
the 4 equal inputs into JLBC’s Baseline
revenue forecast. The remaining 3 inputs
are the JLBC Staff forecast and 2 University
of Arizona (UA) econometric models.
The FAC heard presentations on General
Fund Revenue collections, the U.S.
economy, and state cash flows. The JLBC
Staff provided members with revised FY
2015 – FY 2018 fiscal estimates based on
the updated April 4-sector revenue
forecast, the enacted spending amounts
signed by the Governor in the March
budget and additional legislation
subsequently signed by the Governor.
In comparison to the January base
revenue forecast, the April FAC projections
are more optimistic in FY 2015 and FY 2016
and more cautious in FY 2017 and FY 2018
(See Table 1).

Table of Contents
Summary
• April FAC Summary ............................................ 1
• Classroom Site Fund Report .............................. 2

This report has been
prepared for the Arizona
Legislature by the Joint
Legislative Budget
Committee Staff on
April 20, 2015.

The state’s fiscal health can also be
measured by the operating fund balance.
The state pays its bills out of the operating
fund balance, which consists of the
General Fund and certain dedicated
funds. The operating balance as of midApril 2015 is $1.7 billion. In addition, the
state’s Budget Stabilization Fund has a
balance of $456.8 million.

March Revenues .................................................... 3

Summary of Recent Agency Reports
• ADOA – State Surplus Materials Fund ............11
• ADE – Data System Report ..............................11
• ADE – District Budget Override Report .........11

Monthly Indicators ................................................. 6

March Spending ....................................................12

JLBC Meeting .......................................................... 9

Tracking Arizona’s Recovery ............ Appendix A

JCCR Meeting ....................................................... 10

2

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

Summary (Continued)
Upward revisions to FY 2015 and FY 2016 growth likely
reflect year-to-date collection growth and general
improvements to the economy. Downward revisions to
FY 2017 and FY 2018 may reflect the potential of higher
interest rates and a tighter job market to moderate
economic growth.
Table 1
Comparison of January and April FAC Forecasts

January
April

FY 15

FY 16

FY 17

FY 18

4.3%
4.8%

3.3%
3.7%

4.4%
4.1%

5.1%
4.8%

As a result of the April 4-sector forecast and other
legislation, the enacted March budget’s projected FY
2016 ending balance would slightly increase from
$450,000 to $3 million. This updated estimate includes
the impact of the enacted $31 million tax conformity
legislation.
The projected FY 2018 balance of $33 million under the
enacted March budget spending plan becomes an
$(18) million shortfall under the revised April figures and
the conformity legislation.
Classroom Site Fund Report
JLBC Staff is required to annually determine by March
30 of each year the estimated K-12 Classroom Site
Fund (CSF) per pupil amount for the upcoming budget
year. The CSF is funded from the Proposition 301 0.6¢
sales tax and from K-12 trust land endowment earnings.
Under these parameters, public schools will receive
$327 per weighted pupil from the CSF for FY 2016. The
$327 per pupil amount would be higher than the $295
per pupil amount anticipated for FY 2015 because of
projected growth in Proposition 301 sales tax revenues
and land trust earnings for FY 2016.

3

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

March Revenues
Table 2

March
Year-to-Date

General Fund Revenues ($ in Millions)
FY 2015
Collections
$ 595.4
$ 6,166.4

Sales Tax collections of $347.4 million were 6.6% above
March of last year and $11.6 million above the forecast for
the month. Year to date, collections have increased by
4.2% and are $21.5 million above forecast. March
collections reflect February transactions.
Table 3 includes the major categories of the state’s sales
tax, which together account for approximately 90% of total
collections. The retail category, which makes up roughly
half of sales tax collections, increased by 9.1% in March
compared to the same month in the prior year. Year to
date, retail collections are up by 4.1%. Due to technical
adjustments, however, this figure understates the underlying
growth rate of 6.1%.
Collections from contracting activity declined by (5.1)% in
March, following a (17.4)% decline in the prior month. Year
to date, contracting collections are down by (1.4)%.
As discussed in last month’s Monthly Fiscal Highlights, some
of the retail increase and the contracting reduction may be
related to a new law that went into effect at the beginning
of the current calendar year. Under this legislation, service
contractors that do work related to maintenance, repair
or replacement of existing property are exempt from the
prime contracting tax, beginning January 1, 2015. Instead,
such contractors are now required to pay the retail
transaction privilege tax on materials that they purchase
as a part of the service contract.
Use tax collections increased by 19.1% in March and are up
by 27.3% for the first 9 months of FY 2015. After a technical
adjustment, however, the underlying year-to-date growth
rate would be 3.1%.
The impact of the Super Bowl and related activity is most
notable in smaller categories, such as the amusement and
hotel/motel sales tax categories. With the Super Bowl
occurring on February 1st, the related revenue impact from
the event likely occurred in both February and March
collections (January and February sales, respectively)
Amusement sales tax collections of $8.0 million were 114%
higher than in March 2014. Collections from the hotel/motel
category were $11.0 million in March, a year-over-year
increase of 20%.

Difference From
Budget Forecast
$ 51.3
$ 87.5

Difference
From FY 2014
$ 2.9
$ 199.2

Table 3
Sales Tax Growth Rates
Compared to Prior Year
Retail
Contracting
Use
Restaurant & Bar
Utilities
Hotel/Motel
Amusement

March
9.1%
(4.9)%
19.1%
9.8%
(1.5)%
20.0%
113.6%

YTD
4.1%
(1.4)%
27.3%
9.2%
(0.3)%
16.8%
21.4%

Individual Income Tax net revenues were $135.3 million in
March, which was 14.3% more than the prior year.
Collections were $36.0 million above the forecast for the
month. Year-to-date, revenue has grown 6.0% over the
prior year and is $63.5 million above forecast.
As indicated in Table 4, withholding increased 8.4% in
March and was $21 million above forecast. The March
collections bring withholding tax collections for the fiscal
year to 3.0% over the prior year. This amount is $6.2 million
above the budgeted forecast.
March estimated and final payments were 17.4% above
last year, and were $14.5 million above the forecast.
While March is the second month of tax filing season,
estimated and final payments are typically most
concentrated in April. Year-to-date, payments have
grown 6.8% over the prior year.
March refunds totaled $(281.9) million, which was 7.7%
above last year and approximately equal to the forecast.
Year-to-date, a decline in the level of refunds has resulted
in a gain of $34.1 million compared to the enacted
forecast. However, this gain may be more a function of
the timing of processing and taxpayer filing rather than a
change in taxpayer liability.

4

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

March Revenues (Continued)
Table 4
Individual Income Tax Growth Rates
Compared to Prior Year
Withholding
Estimated +
Final Payments
Refunds

March
8.4%
17.4%
7.7%

YTD
3.0%
6.8%
(4.2)%

Corporate Income Tax net collections were $75.3 million
in March, which was (4.0)% less than March 2014.
Collections for the month were $17.7 million above the
enacted forecast. Year-to-date, net collections are up
11.2% compared to the prior year. While Corporate
Income Tax collections have grown significantly during FY
2015, these gains follow losses seen during FY 2014, when
Corporate Income Tax collections fell by (13.1)%.
As mentioned in the summary section, the forecast
assumed March 2015 collections would decline more
rapidly compared to the prior year. This decline is due to
the estimated impact of the tax reductions being phased
in during FY 2015 – FY 2018 (which corresponds to Tax
Years 2014 – 2018).
The 4-year phase-in started with tax year (TY) 2014.
A business may begin its tax year any time between
January and December. If a company has a January –
December 2014 tax year, for example, its TY 2014 state
taxes are due in April 2015. The JLBC Staff methodology
has been to assume that the first year of the 4-year
phase-in would fully occur in FY 2015.
Based on further research and discussions with the
Department of Revenue (DOR), however, a majority of
the first year impact of the phase-in may not occur until
FY 2016. Most large corporations receive a 6-month
extension to file their returns. As a result, their TY 2014
returns are not filed until October 2015 (FY 2016). To avoid
a penalty, corporations must either have made
estimated payments equal to their prior year liability or
90% of their current year liability.
While a corporation would reduce its tax bill more quickly
if it filed in April than in October, the state tax filing may
be largely driven by the much larger federal liability. If
there is no incentive to file a federal return sooner, in this
circumstance, the state may not experience the impact
of TY 2014 CIT reductions until October 2015 (FY 2016). If a
corporation’s tax year 2014 began after January 2014,
the tax reduction revenue loss may occur post-October
2015.

The magnitude of this potential shift cannot be
determined in advance with any certainty. Given
both the variability in the start of the tax year and
filing extensions, the full impact of the first year of the
tax reductions may not be known for more than 12-15
months.
Insurance Premium Tax collections of $66.3 million in
March were (26.6)% below the prior year and $(14.5)
million below forecast. Year-to-date, collections are
$(9.4) million below forecast. The monthly and yearto-date shortfalls though, may be the result of delays
in processing March collections.
Highway User Revenue Fund (HURF) collections of
$108.4 million in March were up $5.3 million, or 5.1%
compared to March of last year. Collections for the
month were $3.2 million above forecast. Year-to-date
collections are 3.4% above FY 2014, and are $12.7
million above forecast.
The recent trend of above forecast HURF collections is
likely the result of the dramatic decline in gas prices
during FY 2015, which tends to increase gas
consumption and collections of the state’s fixed
price-per-gallon gas tax.

5
Table 5

General Fund Revenue:
Change from Previous Year and Budget Forecast
March 2015
Current Month

FY 2015 YTD (Nine Months)

Change From
Actual

March 2014

March 2015

Amount

Change from
Budget Forecast

Percent

Amount

Actual

Percent

March 2014

March 2015

Amount

Budget Forecast
Percent

Amount

Percent

Taxes
Sales and Use
Income - Individual
- Corporate
Property
Luxury - Tobacco
- Liquor
Insurance Premium
Other Taxes
Sub-Total Taxes

$347,376,257

$20,903,468

135,296,012

16,903,297

75,288,234

(3,120,194)

$3,126,872,139

$126,075,051

14.3

6.4 %

$11,602,909
35,950,951

36.2

3.5 %

2,586,752,113

146,305,484

6.0

4.2 %

$21,531,802
63,577,006

(4.0)

0.7 %
2.5

17,737,220

30.8

402,111,213

40,636,720

11.2

11,604,391

3.0

998,948

360,257

56.4

498,948

99.8

22,415,005

10,773,321

92.5

2,453,097

12.3

2,292,569

363,815

18.9

355,195

18.3

16,966,646

(2,334,660)

(12.1)

2,804,051

492,555

21.3

66,254,010

(24,006,488)

(26.6)

955,070

(688,916)

(41.9)

$631,265,151

$11,207,794

1.8 %

120,256
(14,483,718)
320,070
$52,101,831

4.5
(17.9)
50.4
9.0 %

24,384,480
247,340,104

119,798

0.5

(446,481)

(2.6)

(27,414)

(0.1)

(1,354,884)

(0.5)

(9,397,971)

(3.7)

5,816,776

2,014,975

53.0

1,083,121

22.9

$6,432,658,476

$320,622,630

5.2 %

$90,377,550

1.4 %

Other Revenue
Lottery

5,952,800

License, Fees and Permits

2,241,664

42,352

1,949

14,927

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

2,124,796
(28,279)

(6,532,450)

58,609
(2,193,167)

(52.3)
1.9
-2.8
--

952,800

19.1

30,542,600

(7,261,000)

(258,336)

(10.3)

22,907,816

1,710,948

8.1

--

23,311

20,072

619.7

(375,204)

(15.0)

22,162,008

214,471

1.0

(1,803,849)

(7.5)

(3,028,279)

--

16,013,256

2,701,197

20.3

(3,727,867)

(18.9)

1,949

0

0

--

0

4,631,544

4,342,467

--

1,881,544

68.4

($825,525)

$14,924,475
$646,189,626

($4,267,261)

(22.2) %

$6,940,533

1.1 %

(4,035,312)

8.6

$51,276,306

--

0

0

37,635,310

(12,588,214)

(5.2) %

$129,284,301

($15,202,526)

8.6 %

$6,561,942,777

$305,420,104

(19.2)

(784,000)
(124,690)
5,983

--

0

(25.1)

3,543,909

(10.5) %
4.9 %

($2,890,513)
$87,487,037

(2.5)
(0.5)
34.5

-10.4
(2.2) %
1.4 %

Other Adjustments
Urban Revenue Sharing
One-Time Transfers
Sub-Total Other Adjustments
TOTAL GENERAL FUND REVENUE

(50,744,642)
0

0.0

(456,701,780)

--

0

--

(4,035,312)

8.6 %

0

0.0 %

$595,444,984

$2,905,221

0.5 %

$51,276,306

9.4 %

$6,166,395,453

$108,362,658

$5,278,666

5.1 %

$3,216,986

3.1 %

$951,773,563

(50,744,642)

0

0

61,154,456
(395,547,324)

(35,828,577)
(70,391,693)
(106,220,270)

8.5
(53.5)

0

0.0

0

(0.0)

36.7 %

0

0.0 %

$199,199,834

3.3 %

$87,487,037

1.4 %

$31,094,540

3.4 %

$12,680,959

1.4 %

Non-General Funds
Highway User Revenue Fund

6

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

Monthly Indicators
NATIONAL
According to the U.S. Department of Commerce Bureau
of Economic Analysis, the U.S. Real Gross Domestic
Product (GDP) increased at an annual rate of 2.2% in the
fourth quarter of 2014. This estimate is a deceleration
from the 5.0% growth during the third quarter. The
decrease relative to third quarter growth was primarily
due to an increase in imports, a decrease in federal
defense spending and a slowdown in nonresidential
fixed investment. Positive contributions came primarily
from consumer spending and state and local spending.
The Conference Board’s U.S. Consumer Confidence
Index increased by 2.5% to 101.3 in March. The index
stands 20.7% above its March 2014 level. The March
increase was primary due to greater optimism about
personal income and employment conditions 6 months
out. A modest increase in gas prices may have
moderated the overall increase in confidence.
The Conference Board’s U.S. Leading Economic Index
increased by 0.2% in February and 6.2% since February
2014. Of the index’s 10 components, 7 made positive
contributions during the month. Movement in interest
rates, stock market performance and building permits
were the largest positive contributors to the index while
initial unemployment claims were a negative influence.
Improvement in building permits for multifamily units
more than offset a slump in permits for single-family units.
According to the U.S. Department of Commerce Bureau
of Economic Analysis, the U.S. Personal Consumption
Expenditure Price Index (PCEPI) increased by 0.2% in
February from the prior month—the first increase since
October 2014. The index’s annual growth stands at 0.3%,
which is well below the Federal Reserve Bank’s 2%
annual inflation target. While a (19.9)% year-over-year
decrease in energy prices has drastically reduced the
overall index, the year-over-year growth in the core
index (all items except food and energy) stands at 1.4%
in February.
ARIZONA
Housing
The median price of a single family home was $217,000
in March, a 1.0% increase from February. The price is
8.6% higher than March of last year.
Single family housing construction continues to weaken,
while multi-family construction continues to expand

strongly. Arizona’s 12-month total of single-family
building permits is 17,591, or (3.3)% less than a year
ago. The comparable single-family permit growth rate
for the entire U.S. is 1.5% above last year. See Appendix
A – Tracking Arizona’s Recovery for historical information.
In contrast, the 12-month total of multi-family building
permits has increased significantly since last year.
Arizona’s total of 9,896 multi-family building permits is
58.6% above last year. Arizona’s rate of increase is
greater than the comparable multi-family permit
growth for the U.S. as a whole which is 9.2% above last
year.
Employment
The state’s regular unemployment rate decreased from
6.5% in February to 6.2% in March, the lowest jobless rate
since June 2008. The U.S. unemployment rate remained
unchanged at 5.5% in March.
According to the latest employment report released by
the Department of Administration, the state added
5,600 Nonfarm jobs in March compared to the prior
month. This was less than half of the 10-year average
job gain for March of 11,400 jobs. Most of the job gains
(+5,400) occurred in the Leisure and Hospitality industry.
Compared to the same month in the prior year,
Arizona added 64,700 net new jobs in March. This
represents a year-over-year job growth rate of 2.6%.
The largest year-over-year job gains in March came
from the following industries: Education and Health
Services (+15,100), Professional and Business Services
(+13,700), and Trade, Transportation and Utilities
(+11,800).
In February, the Average Weekly Hours worked by
individuals in Arizona’s private sector was 35.1 hours.
This workload is (0.3)% below the February 2014 level.
The Average Hourly Earnings received by these private
sector workers was $22.98, which is 0.3% above the
average in the prior month. The year-over-year growth
rate continued to recover somewhat from (1.8)% in
January to reach (1.1)% in February. The average
hourly earnings nationwide in March 2015 were 2.1%
above the average from a year prior.
The U.S. Department of Commerce Bureau of
Economic Analysis quarterly releases estimates of
annual Personal Income received in each state. This
measure includes wages and salaries, proprietors’
income, dividends, interest, rent, and various

7

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

Monthly Indicators (Continued)
supplements to income while excluding capital gains,
contributions for government social insurance, and
pension benefit payments. In the fourth quarter of 2014,
Arizona personal income increased at an annual rate of
4.5%, to $259.0 billion.
Tourism
State Park Service visitations were 266,800 in February
2015, which is an 11.9% increase over February 2014.
Revenue per available room increased 15.8% during this
time.
State Agency Data
At the beginning of April 2015, the total AHCCCS
caseload was 1.62 million members. Since the federal
health care expansion in January 2014, the overall
AHCCCS population has grown by 359,300 members.
Total monthly enrollment increased 1.5% in April, the
second consecutive month of growth following several
months of flat or decreasing enrollment. The slowdown in
prior months may have been exacerbated by a change
in the length of eligibility redetermination.
The overall increase in April was spread across most
AHCCCS populations. Enrollment in the Traditional
population of the lowest income parents and children
increased 5,800 in April to a level of 959,400 members.
The April level represents an increase of 0.6% since last
month and a 6.1% increase since last year.
In January 2014, the state started accepting new
enrollment to the Proposition 204 childless adults program.
In April 2015, the childless adult population increased by
2,300, or 0.8%. Since January 2014, the childless adult
population has increased by 213,600 to reach a level of
281,400. The state share of the Proposition 204 physical
health cost is paid through a hospital assessment while the
behavioral health costs are paid through the General
Fund.
The state also opted to expand adult Medicaid coverage
to 133% of FPL. The 100% - 133% enrollment increased by
8,900 in April and now totals 50,900 individuals enrolled
since January 2014. The federal government is currently
paying 100% of this cost.
There were 25,747 Temporarily Assistance to Needy
Families (TANF) recipients in the state in February,
representing a (4.4)% decrease in monthly caseloads from
January. The year-over-year number of TANF recipients
has declined by (16.4)%. The current statutory lifetime limit
on cash assistance is 24 months, but will decline to 12
months in July 2016.

The Supplemental Nutrition Assistance Program (SNAP),
formerly known as Food Stamps, provides assistance to
low-income households to purchase food. This February,
there were 1.0 million food stamp recipients in the state,
representing a (1.1)% decrease from January
caseloads. Compared to February of last year, food
stamp participation declined by (2.5)%.
At the end of March 2015, the Arizona Department of
Corrections reported at total inmate population of
42,245. This is a 0.4% increase from the previous month,
and a 2.0% increase since March 2014.

8

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015
Table 6

MONTHLY INDICATORS

Indicator
Arizona
Employment
- Regular Unemployment Rate
- Total Unemployment Rate (discouraged/underemployed)
- Initial Unemployment Insurance Claims
- Unemployment Insurance Recipients
- Non-Farm Employment - Total
Manufacturing
Construction
- Average Weekly Hours, Private Sector
- Average Hourly Earnings, Private Sector
Sales
- Retail Taxable Sales
Motor Vehicles/Misc. Auto
Furniture/Home Furnishings
Building Material/Lawn & Garden
Building
- Residential Building Permits (12-month avg)
Single-family
Multi-family
- Maricopa County/Other, Home Sales (ARMLS)
Single-Family (Pending Sales)
- Maricopa County/Other, Median Home Price (ARMLS)
Single-Family (Pending Sales)
- Phoenix S&P/C Home Price Index (2000 = 100)
- Maricopa Pending Foreclosures
- Greater Phoenix Total Housing Inventory, (ARMLS)
Tourism
- Phoenix Sky Harbor Air Passengers
- National Park Visitors
- State Park Visitors
- Revenue Per Available Hotel Room
General Measures
- Arizona Consumer Confidence Index (1985 = 100)
- Arizona Coincident Index (July 1992 = 100)
- Arizona Leading Index -- 6 month projected growth
- Arizona Personal Income
- Arizona Population
- State Debt Rating
Standards & Poor’s/Moody’s
Outlook
Agency Measures
- AHCCCS Recipients
Acute Care Traditional
Prop 204 Childless Adults
Other Prop 204
Adult Expansion
Kids Care I
Kids Care II
Long-Term Care – Elderly & DD
Emergency Services
- Department of Child Safety (DCS)
Annual Reports of Child Maltreatment (12-month total)
DCS Out-of-Home Children
Filled Caseworkers (1406 Budgeted)
- ADC Inmate Growth
- Department of Economic Security
- TANF Recipients
- SNAP (Food Stamps) Recipients
- Judiciary Probation Caseload
Non-Maricopa
Maricopa County
United States
- Gross Domestic Product
(Chained 2009 dollars, SAAR)
- Consumer Confidence Index (1985 = 100)
- Leading Indicators Index (2010 = 100)
- Consumer Price Index, SA (1982-84 = 100)
- Personal Consumption Price Index (2009 = 100)

Change
From
Prior Period

Time Period

Current
Value

March
4th Q 2014
February
December
March
March
March
February
February

6.2%
14.7%
14,673
30,402
2.63 million
156,100
126,700
35.1
$22.98

(0.3)%
(0.4)%
(22.4)%
(2.0)%
0.2%
(0.3)%
0.6%
2.0%
0.3%

(0.8)%
(1.3)%
(16.9)%
(12.7)%
2.6%
(0.3)%
1.5%
(0.3)%
(1.1)%

December
December
December

$872.2 million
$351.9 million
$323.8 million

2.8%
13.7%
(2.9)%

8.7%
8.4%
7.0%

February
February

17,591
9,896

0.5%
(4.3)%

March

6,921

27.4%

11.1%

March

$217,000

1.0%

8.6%

January
February
February

147.98
5,680
27,334

0.0%
0.1%
0.8%

February
December
February
February

3.30 million
605,350
266,769
$97.16

1st Q 2015
December
December
4th Q 2014
July 2014

79.1
191.31
3.5%
$259.0 billion
6.73 million

N/A
0.3%
(0.2)%
4.6%
N/A

14.8%
2.8%
0.4%
4.5%
1.5%

Dec 09/July 10

AA- / Aa3
Positive

N/A
N/A

N/A
N/A

April

1,617,412
959,367
281,381
171,727
50,924
1,288
0
56,842
95,883

1.5%
0.6%
0.8%
1.8%
21.2%
(21.1%)
0.0%
0.3%
4.2%

17.4%
6.1%
55.7%
14.3%
263.7%
(38.6)%
(100.0)%
3.5%
33.4%

Dec. 2014
December
February
March

48,710
17,102
1,396
42,245

0.8%
0.4%
1
0.4%

12.0%
13.9%
206
2.0%

February
February

25,747
1,009,924

(4.4)%
(1.1)%

(16.4)%
(2.5)%

February
February

17,889
26,629

Nov 13

4th Q, 2014
(3rd
Estimate)
March
February
January
February

Change From
Prior Year

(3.3)%
58.6%

2.6%
(28.2)%
(7.8)%

(4.9)%
(34.9)%
42.5%
19.2%

7
126

4.7%
20.5%
11.9%
15.8%

618
1,560

$16.3 trillion

2.4%

2.2%

101.3
121.4
234.7
108.5

2.5%
0.2%
(0.7)%
0.2%

20.7%
6.2%
(0.1)%
0.3%

9

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

JLBC Meeting
At its March 31, 2015 meeting, the Joint Legislative
Budget Committee considered the following issues:
Arizona Department of Administration/Department of
Child Safety – Children’s Information Library and Data
Source (CHILDS) (Automation Projects Fund) – The
Committee gave a favorable review of the $313,000 in
proposed FY 2015 expenditures from the Automation
Projects Fund (APF) for the Department of Child Safety’s
(DCS) Children’s Information Library and Data Source
(CHILDS) replacement as part of the Phase 1 Planning
project. The Committee added technical provisions to its
favorable review.
Arizona Department of Administration/Arizona
Department of Corrections – Adult Information
Management System FY 2015 (Automation Projects Fund)
– The Committee gave a favorable review of the $8.0
million in proposed FY 2015 expenditures from the APF for
the second year of funding for the replacement of the
inmate tracking system at the Arizona Department of
Corrections.
Arizona Department of Administration/Department of
Child Safety –Transition Funding Expenditure Plan (Moving
Expenses) – The Committee gave a favorable review of
$1,593,400 in relocation expenses from the $19.5 million
transition appropriation to establish DCS. These monies
are to be used to assist in the relocation of DCS to 3003
North Central Avenue in Phoenix.
Arizona Department of Administration/Department of
Economic Security – Transition Funding Expenditure Plan
(Data Center) – The Committee gave a favorable review
of the $4.0 million for the final phase of the DES data
center relocation. The Committee added technical
provisions to its favorable review.
Arizona Department of Administration – Emergency
Telecommunication Services Revolving Fund (ETSF)
Expenditure Plan – The Committee gave a favorable
review of the $5.5 million wireless portion of the FY 2015
ETSF expenditure plan.
Attorney General – Quarterly Report on Legal Settlements
– The Committee gave a favorable review of the
Attorney General’s (AG) allocation of legal settlements
among the various funds. In the second quarter of FY
2015, the AG deposited $538,900 to the Consumer
Protection – Consumer Fraud (CPCF) Revolving Fund,
$21,100 to the Restitution Subaccount, and $10,000 to the
Remediation Subaccount. The review included the
provision that the AG return to the Committee if it intends
to expend any of the monies the state received from the
McKesson Corporation settlement.

Northern Arizona University – Expenditure and
Performance Report on Nonprofit Biotechnology
Research Appropriation – The Committee gave a
favorable review of NAU’s performance report
resulting from an annual appropriation of $3.0 million
to NAU from FY 2015 through FY 2019 for distribution to
a biomedical research entity.
Automobile Theft Authority – Proposed Expenditures
from the Reimbursable Programs Line Item – The
Committee gave a favorable review to expend up to
$5,000, donated by the National Insurance Crime
Bureau (NICB), in FY 2015 to support the Arizona
Vehicle Task Force through the purchase of 2 trailers.
The trailers will be used to help transport large pieces
of scrap metal to the Department of Public Safety for
further analysis and storage.
AHCCCS/Department of Health Services/Department
of Economic Security/Department of Child Safety –
Proposed Capitation Rates Changes – The Committee
gave a favorable review to the revised FY 2015
capitation rates for the state’s Medicaid system.

10

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

JCCR Meeting
At its April 1, 2015 meeting, the Joint Committee on
Capital Review considered the following issues:
Department of Economic Security/Department of Child
Safety – Joint Occupancy Buildings – The Committee
gave a favorable review of the plan for DES to retain
ownership of the 7 joint occupancy buildings. The plan
includes a requirement that DES/DCS amend their
intergovernmental facility services agreement to ensure
DCS’ continued right to use the joint occupancy
buildings. The favorable review included provisions
specifying additional joint occupancy requirements for
each agency and how the proceeds from the sale of a
joint occupancy building are to be distributed between
the agencies.
Arizona Department of Corrections – Revised FY 2014 and
FY 2015 Building Renewal Allocation Plans – The
Committee gave a favorable review to revisions of the FY
2014 and FY 2015 Building Renewal Plans. For the FY 2014
plan, $1,702,500 in savings from perimeter and lock
upgrades will be re-allotted to other projects. For the FY
2015 building renewal plan, monies for the conversion
from evaporative cooling to air conditioning at ASPC –
Eyman are to be used at ASPC – Tucson instead. The
favorable review includes the provision requiring ADC to
report any changes in the spending plan to JLBC,
including reallocations between projects and nonemergency use of contingency monies. If there is
significant change of scope in the reallocation reported
by ADC, the JLBC Staff shall recommend ADC request
Committee review of the reallocation.
Arizona Exposition and State Fair Board – FY 2015 Capital
Improvement Expenditures – The Committee gave a
favorable review to Arizona Exposition and State Fair’s
$285,000 expenditure plan from the Arizona Exposition
and State Fair Fund for 4 capital projects: $110,000 for a
home arts building fire alarm system, $75,000 for an
emergency generator, $50,000 for a boiler, and $50,000
for home arts evaporative coolers.
Arizona Game and Fish Department – FY 2014 Building
Renewal Allocation Plan – The Committee gave a
favorable review of the Arizona Game and Fish
Department’s FY 2014 Building Renewal Allocation Plan
for $297,100 from the Game Fish Fund, including: $166,100
for Tucson regional office remodeling, $35,000 for a Tonto
Creek fish hatchery septic system, $52,200 for deposit in
the State Headquarters Major Maintenance Fund, and
$43,800 for preventative maintenance. The FY 2014
Capital Outlay Bill (Laws 2013, 1st Special Session, Chapter
8) appropriated a total of $547,600 from the Game Fish
Fund for building renewal. The bill specified the
appropriation in FY 2014 is available through the end of
FY 2015.

Arizona Department of Transportation – De-Icer
Buildings Project – The Committee gave a favorable
review of the Arizona Department of Transportation’s
(ADOT) $2,280,000 expenditure plan from the State
Highway Fund for the construction of 5 buildings to
house de-icer chemicals, bulk sand, and cinders used
during winter months to de-ice highways. The
buildings are to be located at Camp Verde, Fredonia,
Kayenta, St. John, and Three Way. The favorable
review includes the provision requiring ADOT to report
any project reallocations above $100,000 to the
Committee.
Arizona Department of Administration – Consider
Recommending FY 2015 Partial Rent Exemptions – The
Committee recommended a partial rent exemption
for $66,900 for ADOA and $13,100 for the Department
of Public Safety due to the demolition of 2 of their
buildings. The Committee also recommended that a
$20,000 partial exemption for the Registrar of
Contractors be replaced by a corresponding rent
payment from the Governor’s Office of Faith and
Community Partnerships in FY 2015.

11

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

Summary of Recent Agency Reports
Arizona Department of Administration – Report on State
Surplus Materials Revolving Fund Excess Revenue –
Pursuant to a FY 2015 General Appropriation Act
footnote, all State Surplus Materials Revolving Fund
revenues received by the Arizona Department of
Administration (ADOA) in excess of the $2.4 million
appropriation from the State Surplus Materials Revolving
Fund in FY 2015 are appropriated to ADOA. Prior to
expending the additional State Surplus Materials
Revolving Fund receipts, ADOA is required to report the
intended use of the monies to the Joint Legislative
Budget Committee.
Monies appropriated to the State Surplus Property Sales
Proceeds line item are used to reimburse agencies for
the sale of surplus materials and are funded out of the
State Surplus Materials Revolving Fund. ADOA has
reported that an additional $560,000 from the State
Surplus Materials Revolving Fund will be used in FY 2015
to reimburse agencies for the sale of surplus materials,
and that current revenues to the fund can sustain the
increased amount of reimbursements.
In addition, last year ADOA reported that the Surplus
Property Management Program experienced an
increase in proceeds from the sale of materials and that
the Surplus Materials Revolving Fund would receive
$575,000 above the appropriated amount in FY 2014.
ADOA has reported that it was only necessary for the
program to utilize $475,000 of the projected $575,000
increase in expenditure authority in FY 2014. (Rebecca
Perrera)
Department of Education - Education Learning and
Accountability System - Pursuant to a General
Appropriation Act footnote, the Arizona Department of
Education (ADE) must contract with an independent
third-party vendor to provide additional oversight on
the development of ADE’s Education Learning and
Accountability System (ELAS). The vendor is required to
submit quarterly reports that evaluate and assess the
project’s feasibility, estimated expenditures, technology
approach and scope throughout the life of the project.
The vendor’s most recent quarterly report was issued on
December 29, 2014.
From a technical perspective, the report observes that
ELAS information technology (IT) projects continue to
make progress in replacing the Student Accountability
Information System (SAIS), which computes state
financial aid payments to schools, and the Student
Information System (SIS), which allows schools to input
student data, like daily student attendance counts, into
SAIS. The report notes that more work is needed to
improve the accuracy of student data that is
transmitted to ADE from schools as well as the efficiency
and frequency of those transmissions. These
shortcomings are partly attributed to delays by vendors
in modifying districts’ Student Information Systems to
meet ADE’s data standards. The report recommends
that ADE give priority to completing a data governance

process that will better manage the data integrity of
ELAS. As mentioned in the last report, the teaching and
learning components of ELAS, such as content
management, learning management, and teacher
observation tools, are still not fully functional for district
use.
The report also discusses that non-technology “policies
and decisions necessary to deploy ELAS systems, and to
integrate ELAS capabilities into the leadership and
support of districts, schools, and teachers is not keeping
pace with the technical work.” For example, the
teaching component of ELAS, the Content
Management System (CMS), is now capable of storing
content, but ADE program teams have loaded little
content into CMS that could be used by schools. These
program teams also do not have a strategy for curating
uploaded materials and aligning them with learning
goals. The same problem exists with assessments.
Another example mentioned in the report involves the
communication of ELAS. While ADE’s IT staff continue
communicate with schools about how to use ELAS,
ADE’s program groups with instructional and
administration expertise are needed to show
instructional leaders how to use the data within the
ELAS for student learning. The report warns that without
adequate data literacy, neither ADE nor school staff will
be able to use ELAS effectively; although, the report
acknowledges that progress is being made in this area
as Arizona is now one of the first states in which teacher
training and certification programs incorporate data
literacy and usage of ELAS into the curriculum.
The report indicates that the ADE-ELAS team “has
matured into a group to which the rest of the nation
looks for leadership in technical areas.” It notes,
however, that the amount of work to be completed for
implementation of the data collection portion of ELAS
by the next fiscal year is “immense.”
The report recommends that the state develop a longterm plan as it relates to governance, funding, and staff
if ELAS is to remain a sustainable tool that schools see as
reliable and permanent. (Matt Gress)
Department of Education – Override Report – Pursuant
to A.R.S. § 15-249.04, the Arizona Department of
Education (ADE) has reported FY 2015 data on school
district budget overrides. Overrides permit school
districts to generate and spend additional monies from
local property taxes if approved by voters. The ADE
report indicates that in FY 2015, 94 districts statewide
have Maintenance and Operation (M&O) overrides
pursuant to A.R.S. § 15-481, 9 have “Special Program”
overrides pursuant to A.R.S. § 15-482, and 23 have
“District Additional Assistance” overrides pursuant to
A.R.S. § 15-481. The total amounts budgeted for
overrides for FY 2015 include $394,167,700 for both types
of M&O overrides combined and $74,201,000 for District
Additional Assistance overrides. (Steve Schimpp)

12

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

March Spending
March 2015 General Fund spending of $455.3 million was
$(22.9) million less than March 2014. Year-to-date,
spending is $7.51 billion, or $439.8 million above last year.
(See Tables 7 & 8).
•

Year-to-date, the Department of Education has
spent $122.0 million more than the prior year.

•

Year-to-date, Department of Health Services
spending has increased by $64.7 million compared to
the prior year. This increase is in part due to the

restoration of childless adult Medicaid coverage,
which is entirely paid for with General Fund monies in
the Department of Health Services.
•

During FY 2015, Department of Public Safety
spending has increased by $33.6 million compared to
the prior year. This increase is mostly due to the shift
of $30.0 million of Highway Patrol funding from the
Highway User Revenue Fund to the General Fund in
the FY 2015 budget.

Table 7
General Fund Spending ($ in Millions)
Change From

YTD Change

March 15

March 14

Year-to-Date

AHCCCS

65.6

(20.6)

1,006.1

18.5

Corrections

67.4

(1.3)

713.2

19.8

from FY 14

Agency

Child Safety
Economic Security

161.0

161.0

240.9

240.9

(157.1)

(160.5)

477.0

(114.8)

Education

203.3

(14.5)

3,076.6

122.0

Health Serv ices

15.1

1.3

563.4

64.7

Public Safety

1.6

(0.1)

57.3

33.6

School Facilities Board

1.1

1.0

174.5

(13.9)
28.3

Univ ersities

46.2

2.5

632.9

Leaseback Debt Serv ice

0.0

0.0

84.1

0.0

Other

51.1

8.3

482.5

40.7

Total

455.3

(22.9)

7,508.5

439.8

13

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

Table 8

General Fund Spending
($ in Thousands)
Agency
Dept. of Admin./Automation Projects Fund
ADOA – Sale/Leaseback Debt Service
Office of Administrative Hearings
Commission of African-American Affairs
Department of Agriculture
AHCCCS
Attorney General
State Board of Charter Schools
Department of Child Safety
AZ Commerce Authority
Community Colleges
Corporation Commission
Department of Corrections
County Funding
AZ State Schools for the Deaf & Blind
Dept. of Econ. Security/Dept. of Child Safety
Department of Education
DEMA
DEQ – WQARF
Office of Equal Opportunity
State Board of Equalization
Board of Executive Clemency
Department of Financial Institutions
Department of Fire, Bldg and Life Safety
State Forester
Arizona Geological Survey
Governor/OSPB
Department of Health Services
Arizona Historical Society
Prescott Historical Society of AZ
Independent Redistricting Comm.
Commission of Indian Affairs
Department of Insurance
Judiciary
Supreme/Superior Court
Court of Appeals
Department of Juvenile Corrections

March 15
3,634.4
36.0
9.4
791.5
65,628.9
1,660.0
109.2
160,980.7
2,625.0
297.9
50.1
67,379.2
1,469.5
(157,132.8)
203,292.0
427.0
13.9
30.8
55.1
225.0
95.1
2,377.9
49.6
920.5
15,137.2
191.1
85.1
74.8
1.3
334.5

Change from
March 14
(575.5)
(19.9)
9.4
245.0
(20,570.9)
189.6
68.6
160,980.7
(1,543.7)
13.8
(1,285.3)
537.0
(160,457.8)
(14,465.8)
(927.4)
12.9
9.9
(23.6)
(9.8)
(62.3)
2,184.4
(218.8)
573.8
1,349.1
(7.5)
33.3
15.1
(2.0)
(26.8)

Year-to-Date
47,463.6
84,123.7
638.3
16.6
5,872.6
1,006,138.1
16,170.6
685.9
240,878.8
23,850.0
53,829.1
456.7
713,154.3
7,650.5
15,575.2
476,976.3
3,076,631.0
6,354.6
7,000.0
114.6
401.1
676.2
2,238.9
1,522.6
5,444.2
696.9
8,037.4
563,382.0
2,440.7
640.4
801.3
42.3
3,858.8

YTD Change
from FY 14
14,121.0
3.9
0.8
16.6
159.3
18,531.3
1,015.6
72.3
240,878.8
225.0
1,109.6
103.8
19,769.5
500.0
(751.3)
(114,820.7)
122,017.3
575.7
(24.9)
(9.5)
64.0
82.8
46.7
3,011.1
(32.7)
1,142.1
64,655.9
45.5
128.8
(213.3)
2.6
(26.4)

11,085.9
1,423.4
4,223.4

1,291.6
383.4
1,156.7

70,946.9
10,655.3
30,202.1

2,548.6
444.0
1,431.5

14

JLBC – MONTHLY FISCAL HIGHLIGHTS – APRIL 2015

Table 8 (Continued)

Agency
State Land Department
Legislature
Auditor General
House of Representatives
Joint Legislative Budget Comm.
Legislative Council
Senate
Mine Inspector
Nav. Streams & Adjudication
Occupational Safety and Health Review
Phoenix Convention Center
Pioneers’ Home
Comm. for Postsecondary Ed.
Department of Public Safety
Public Safety Personnel Retirement System
Arizona Department of Racing
Radiation Regulatory Agency
Real Estate Department
Department of Revenue
School Facilities Board
Secretary of State
Tax Appeals Board
Office of Tourism
Universities
Board of Regents
Arizona State University
Northern Arizona University
University of Arizona
Department of Veteran Services
Department of Water Resources
Water Infrastructure Finance Authority
Department of Weights & Measures
Other - JP Salaries Distribution
Other
Total

March 15
1,039.2

Change from
March 14
138.2

Year-to-Date
9,039.9

YTD Change
from FY 14
665.8

2,027.9
1,836.2
256.6
608.0
922.4
115.3
38.3
163.3
1,566.6
61.5
232.3
7,496.8
1,146.4
1,703.1
22.0
-

613.9
787.3
108.8
224.4
225.3
27.9
11.4
163.5
(107.3)
12.7
93.2
2,654.7
1,048.5
955.2
3.7
(2,068.5)

15,232.9
10,411.4
1,765.0
6,661.8
6,507.7
875.6
147.3
0.9
20,449.0
1,185.6
1,396.8
57,273.8
6,000.0
1,869.6
1,093.4
1,914.4
38,547.4
174,477.5
11,587.7
203.3
8,393.3

1,372.1
1,296.6
272.0
1,648.1
434.8
(1.8)
33.6
(1.4)
5.9
33,591.7
1,000.0
(6.3)
17.2
93.2
1,285.3
(13,908.8)
2,800.4
3.6
2,057.1

682.1
21,559.2
7,315.5
16,666.4
533.9
1,290.1
134.1
27.7
189.4
455,324.1

(215.4)
1,918.8
753.0
70.0
163.8
412.5
40.4
(87.2)
185.4
(22,903.1)

22,984.8
284,608.2
96,334.6
228,927.3
3,553.1
8,450.7
1,000.0
997.6
713.6
227.9
7,508,506.9

3,666.9
17,269.0
6,777.2
630.1
(179.5)
748.3
1,000.0
125.7
21.9
216.4
439,805.6

JLBC
2.6% Y/Y Growth
(March 2015)
Year Over Year Growth (%)

3

JLBC
Jul 14
Jan-15

12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%

Jan 14

Jan-15

Jul 14

Jan 14

Jul 13

Jan 13

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

$21

Jul 13

Jan 13

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

2,100

Jan 09

$22.73 / Hour
(Octoberjobs
2014)
2,633,600
(March 2015)

Jan 08

$24

July 08

April 2015

Jan 09

Jan 07

2,600

July 07

2,500

$ / Hour
$25

2,700

Jan 08

Jul 14
Jan 15

Tracking Arizona’s Recovery

July 08

Jul 13
Jan 14

2,800

July 07

Jul 12

Total Non-Farm Employment

Jan 07

Jan 15

Jul 14

Jan 14

8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Jan 13

2,200

Jul 13

2,300

Jan 13

Jan 12

Jul 11

Jan 11

Jul 10

Jan 10

Jul 09

Jan 09

Jul 08

Jan 08

Jul 07

Jan 07

Jul 06

Jan 06

Jul 05

Jan 05

Jul 04

Jan 04

Jul 03

Jan 03

Jul 02

Jan 02

Jul 01

Jan 01

Thousands of Jobs
2,400

Jul 12

Jan 12

Jul 11

Jan 11

Jul 10

Jan 10

Jul 09

Jan 09

Jul 08

Jan 08

Jul 07

Jan 07

Jul 06

Jan 06

Jul 05

Jan 05

Jul 04

Jan 04

Jul 03

Jan 03

Jul 02

Jan 02

Jul 01

Jan 01

Year Over Year Growth (%)

Contents

Slide:
3……Total Non-Farm Employment
4……Average Hourly Earnings – Private Sector
5……Initial Claims for Unemployment Insurance
6……State Sales Tax Collections – Retail Category
7……State Sales Tax Collections – Contracting
Category
8……Residential Building Permits

JLBC

2

Average Hourly Earnings – Private Sector

$23

$22

$22.98 / Hour
(February 2015)

$20

$19

(1.1)% Y/Y Growth
(February 2015)

4

JLBC
Excludes temporary 1 ¢ sales tax

7
Jul 07

12-Month Moving Sum

Jan 15

Jul 14

Jan 14

Jul 13

Jan 13

Jul 05

Jan 15

Jul 14

* Jan 14

Jul 13

Jan 13

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

Jan 09

July 08

Jan 08

July 07

Jan 07

July 06

Year Over Year Growth (%)

Jan 15

Jul 14

Jan 14

Jul 13

Jan 13

Jul 12

Jan 12

Jul 11

Jan 11

Jul 10

Jan 10

Jul 09

Jan 09

Jul 08

Jan 08

Jul 07

Jan 07

Jul 06

Jan 06

Jan 07

Jan 15

Jul 14

* Jan 14

Jul 13

Jan 13

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

Jan 09

July 08

Jan 08

July 07

$125

Jul 12

Jan 12

Jul 11

Jan 11

Jul 10

50,000

Jan 10

60,000

Jul 09

Jan 09

Jul 08

Jan 08

(4.9)% Y/Y Growth
(March 2015)

Jul 06

$34.2 million
(March 2015)

Excludes temporary 1 ¢ sales tax

Jan 07

$100

Jan 06

State Sales Tax Collections – Contracting Category

Jul 05

$0

JLBC

Jul 04

5

Jan 05

Jul 04
Jan 05

10,000

Jul 03

Jul 03
Jan 04

15,000

Jan 04

Jul 02
Jan 03

14,673 Claims
(February 2015)

Jan 03

20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
July 06

20,000

Jul 01

30,000

Jul 02

5,000

25,000
$100

Jan 02

$ in Millions

40,000

Jan 02

Jan 01

Total Monthly Claims for UI Benefits
45,000

Jul 01

$25

Building Permits

Jan 15

Jul 14

Jan 14

Not seasonally adjusted

Jan 01

Jan 15

Jul 14

Jan 14

Jul 13

$50

Jul 13

Jan 13

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

Jan 09

July 08

Jan 08

July 07

Jan 07

$ in Millions
35,000

Jan 13

Jul 12

Jan 12

July 11

Jan 11

July 10

Jan 10

July 09

Jan 09

July 08

Jan 08

July 07

Jan 07

July 06

40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
July 06

Year Over Year Growth (%)

Initial Claims for Unemployment Insurance
State Sales Tax Collections – Retail Category
$225

$200

$175

$150

$180.3 million
(March 2015)

9.1% Y/Y Growth
(March 2015)

* January 2014 estimate adjusted downward by $30 million to reflect onetime category shift.

6

Residential Building Permits

$75

100,000
90,000

80,000

70,000

Single Family Unit - 17,591 Permits
Multi-Family Unit - 9,896 Permits
(Feb. 2015)

40,000

30,000

20,000

10,000

0

8