Economic Estimates Commission

The Economic Estimates Commission is responsible for estimating Arizona’s personal income and the percent change in the per capita personal income for each fiscal year.  The Commission also determines the maximum amount that is expected to be available for legislative appropriations from state tax revenues along with calculating the required appropriation to or transfer from the budget stabilization fund for each fiscal year.  Additionally, the Commission calculates the expenditure limits for counties, cities and towns, community colleges, and the aggregate expenditure limitation for all school districts.

The Economic Estimates Commission consists of three members including the Director of the Department of Revenue or the director’s designee, who serves as chairman and two persons knowledgeable in the field of economics, with one appointed by the President of the Senate and one appointed by the Speaker of the House of Representatives for two-year terms. Questions to the commission staff can be sent to [email protected]

Expenditure Limits

Expenditure Limit Inflation Factors: Estimates

The Department of Revenue provides estimated expenditure limit inflation factors two times per year, in the months of March and October. These estimates can be used to calculate future estimated expenditure limits. The Department of Revenue does not assist in calculating the Alternative Expenditure Limitation (Home Rule Option). If you have questions regarding how to calculate the Alternative Expenditure Limitation, please visit the League of Arizona Cities and Towns at https://www.azleague.org or contact Tom Belshe at [email protected] or Lee Grafstom at [email protected].

Expenditure Limit Inflation Factor Estimates - April 2025

Expenditure Limit Inflation Factor Estimates - October 2024

Expenditure Limit Inflation Factor Estimates - March 2024

Expenditure Limit Inflation Factor Estimates - November 2023

Expenditure Limit Inflation Factor Estimates - March 2023

Expenditure Limit Inflation Factor Estimates - March 2022

Expenditure Limit Inflation Factor Estimates - October 2022

Personal Income Estimates

• Final (FY2025/26 March)
• Final (FY2024/25 March)
• Final (FY2023/24 March)
• Final (FY2022/23 March)
• Final (FY2021/22 March)
• Final (FY2020/21 March)
• Final Estimate FY 2019/20 (March 2019)
• Final Estimate FY 2018/19 (March 2018)
• Final Estimate FY 2017/18 (March 2017)
• Final Estimate FY 2016/17 (March 2016)
• Final Estimate FY 2015/16 (March 2015)

Budget Stabilization Fund

• Fiscal Year 24/25 Calculations
• Fiscal Year 23/24 Calculations
• Fiscal Year 22/23 Calculations
• Fiscal Year 21/22 Calculations
• Fiscal Year 20/21 Calculations
• Fiscal Year 19/20 Calculations
• Fiscal Year 18/19 Calculation 
• Fiscal Year 17/18 Calculation
• Fiscal Year 16/17 Calculation
• Fiscal Year 15/16 Calculation
• Fiscal Year 14/15 Calculation
• Fiscal Year 13/14 Calculation

Meetings