As reprinted from 01/21/2010
Martin: State's cash situation good for now
State Treasurer Dean Martin says there's reason to be optimistic that Arizona won't have a cash crunch through the rest of the half-over fiscal year.
Martin said Wednesday the state's success in securing $735 million of sale-leaseback financing for state properties provides cash to pay bills in February.
He says normal state revenue in February will pay the bills in March.
Martin acknowledges he's assuming that the Legislature closes the remaining $1.4 billion shortfall in the current budget.
Gov. Jan Brewer has proposed spending cuts, more sale-leaseback financing and other steps to close that gap.
And Martin notes the state faces a big challenge when the new fiscal begins in July because hundreds of millions of delayed school payments will be due.
By The Associated Press