
Arizona AZ
"The Grand Canyon State"
From the towering red rocks of Sedona to the vast chasm of the Grand Canyon, Arizona is a land of dramatic beauty and striking contrasts. A booming Sun Belt state with a rich Indigenous heritage, booming tech economy, and some of the most iconic landscapes in America.
Arizona state finances at a glance
State Debt - FY2024
Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.
Tax Revenue - FY2024
Total Arizona state tax collections in fiscal 2024, led by the general sales (transaction privilege) tax ($13B) and the individual income tax ($4.8B).
Borrowing
Arizona's constitution limits general state debt to $350,000, so the state borrows almost entirely through lease-purchase deals, certificates of participation, and revenue bonds issued by state agencies. These are sold to investors in the tax-exempt municipal market and repaid from future appropriations or dedicated revenues. The state reported about $292 million in interest on its debt in fiscal 2024.
Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.

