Arizona legislators warned to be cautious on budget

pension-moneyEconomist Jim Rounds told the Yellow Sheet on Monday that the “his advice to policymakers will be to use caution in the upcoming year. Rounds will share that advice at the Finance Advisory Committee meeting today.

The Yellow Sheet reporter was told that legislators should treat revenue forecasts as a draft and be “very careful” in putting together baseline budgets this fall. Rounds told the Yellow Sheet that now revenue forecasts six months will be more useful to legislators.

“I would take this one with a grain of salt and use it as something to advise a very conservatively developed budget for now,” Rounds told the Yellow Sheet. “I think we’re on the cusp of seeing some accelerated improvement, although no boom. We’re not going to see that boom, maybe even in this business cycle. It will be in the next one, where we get back to a more Arizona business cycle,” he said.

Rounds told the Yellow Sheet that it won’t be until 2016 when Arizona regains the jobs lost to the recession.

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