Arizona wants to utilize buildings to tackle rising fiscal deficits

Is there any other way for the cash-strapped state of Arizona to fend the emergent crisis? Perhaps not! According to the governmental sources, the state on account of the severe downturn and the slump in national and local economy is facing an unprecedented crisis in the budget. For this reason, in order to balance next year’s budget, it is contemplating the selling of state buildings. Well, there was a speculation regarding this but the reality became evident after Jan Brewer, the Republican Governor of the U.S. state of Arizona, revealed an identical standpoint.

This became evident when the Governor was delivering a speech to West Valley elected and business officials in the recent days. He said that it was the time for the state to make use of its own assets to tackle the developing crisis like the huge gap next year between anticipated revenues and expenses. This is not a trivial issue in any way and there are some more perilous aspects. In accordance with the appraisals, this shortfall is going to be even larger than the $1.6 billion one lawmakers just solved with a combination of budget cuts, fund sweeps and stimulus dollars.

Fiscal disparity and crisis is mounting in the realm of Arizona and this is leading to protests in large numbers. Few days back there was a wide protest against $100 million in cuts to the Department of Economic Security and the protesters included individuals who get services for the developmentally disabled. They all descended on the Capitol. It is to be noted that in the $100 million there is the inclusion of almost $10 million in cuts for programs specifically aimed at that group or their children.

These types of demonstrations are getting increasingly common and the loud protest against the reduction to programs for independent living can be cited as a good example. All these indicate that Arizona has to do something fast. How will the buildings be exploited? Though nothing is confirmed yet, according to governmental sources, the government is considering over mortgaging state buildings, selling them to private investors and then leasing them back over some fixed period until they are once again owned by the state.