Budget and Interrelationship with CAFR

Budget and Interrelationship with CAFR

Budget and Interrelationship with CAFR

As detailed in the Management's Discussion and Analysis (MD&A) of the State of Arizona GAO, the 2007 CAFR provides required supplementary information including budgetary comparison schedules for the general fund and each major special revenue fund, plus a reconciliation of the schedules of statutory and GAAP expenditures for the fiscal year. In addition, a budgetary expenditure comparison schedule for non-major special revenue funds is also provided.

The size of the budget and its interrelationship with the CAFR is that there is a very high relationship between the two. The state agencies and departments realize that they are given a certain amount of money to pay for their expenditures throughout the year. The State of Arizona agencies and departments make a strong effort to remain within budget for the fiscal year. When they see that their financial needs will exceed their budget they will go to the legislature and request supplementary funds. This revised budget, in most cases, is nearly identical to the final expenditures.

Differences between the original budget of $15.2 billion and the final amended budget of $16.9 billion resulted in a $1.7 billion increase in appropriations for the general fund, before adjustments. Some of the primary reasons for the general fund appropriations include $251.162 million for prior fiscal year obligations, paid for in the current fiscal year per ARS 35-191; $191.294 million for the Department of Education's Basic State Aid; $118.050 million to the Department of Education for full-day kindergarten funding; $191 million to the Department of Education to payoff K-12 rollover shifted from the FY06 appropriation; $100 million to the Department of Education for the additional 2.4 percent above the minimum inflation factor; $215.2 million to the Department of Education for Basic State Aid because the county equialization assistance rate did not exceed eight cents; $20 million for the Parks Board Growing Smarter transfer to the Land Conservation Fund per ARS 41-511.23; $86.284 million to the School Facilities Board for the Building Renewal Fund; $62. 066 million to the Department of Corrections primarily for increased correctional offices' salaries, and engineering research programs and infrastructure to promote statewide economic development; and $50 million that was appropriated in advance to the School Facilities Board by Laws 2005, Chapter 287, and not included in the FY 2007 General Appropriation Act.

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