STATE GOVERNMENT FINANCES
(Amounts are in thousands.  Per capita in dollars.)

                                                      Percent           Per
ARIZONA                                      1992 Distribution       capita

Population (thousands)                      3,750           -             -
Total Revenue                           9,551,394       100.0%     2,547.04
  General revenue                       7,975,484        83.5%     2,126.80
    Intergovernmental revenue           2,110,356        22.1%       562.76
    Taxes                               4,826,755        50.5%     1,287.13
      General sales                     2,088,288        21.9%       556.88
      Selective sales                     693,563         7.3%       184.95
      License taxes                       279,700         2.9%        74.59
      Individual income                 1,240,372        13.0%       330.77
      Corporation net income              210,824         2.2%        56.22
      Other taxes                         314,008         3.3%        83.74
    Current charges                       554,367         5.8%       147.83
    Miscellaneous general revenue         484,006         5.1%       129.07
  Utility revenue                          16,669         0.2%         4.45
  Liquor stores revenue                         0         0.0%         0.00
  Insurance trust revenue               1,559,241        16.3%       415.80

Total Expenditure                       9,095,781       100.0%     2,425.54
  Intergovernmental expenditure         2,996,879        32.9%       799.17
  Direct expenditure                    6,098,902        67.1%     1,626.37
    Current operation                   4,027,781        44.3%     1,074.07
    Capital outlay                        698,704         7.7%       186.32
    Insurance benefits and repayments     831,185         9.1%       221.65
    Assistance and subsidies              347,934         3.8%        92.78
    Interest on debt                      193,298         2.1%        51.55
Exhibit:  Salaries and wages            1,282,892        14.1%       342.10

Total expenditure                       9,095,781       100.0%     2,425.54
  General expenditure                   8,235,841        90.5%     2,196.22
        Intergovernmental expenditure   2,996,879        32.9%       799.17
        Direct expenditure              5,238,962        57.6%     1,397.06
  General expenditure, by function:
      Education                         2,929,886        32.2%       781.30
      Public welfare                    1,811,875        19.9%       483.17
      Hospitals                            70,853         0.8%        18.89
      Health                              360,340         4.0%        96.09
      Highways                            954,360        10.5%       254.50
      Police protection                   111,084         1.2%        29.62
      Correction                          343,958         3.8%        91.72
      Natural resources                   148,651         1.6%        39.64
      Parks and recreation                 22,436         0.2%         5.98
      Governmental administration         302,493         3.3%        80.66
      Interest on general debt            186,950         2.1%        49.85
      Other and unallocable               992,955        10.9%       264.79
  Utility expenditure                      28,755         0.3%         7.67
  Liquor stores expenditure                     0         0.0%         0.00
  Insurance trust expenditure             831,185         9.1%       221.65

Debt at end of fiscal year              2,848,842       100.0%       759.69

Cash and Security Holdings             13,309,589       100.0%     3,549.22