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

                                                      Percent           Per
ARIZONA                                      1993 Distribution       capita

Population (thousands)                      3,750           -             -
Total Revenue                          10,843,407       100.0%     2,891.58
  General revenue                       8,808,186        81.2%     2,348.85
    Intergovernmental revenue           2,425,897        22.4%       646.91
    Taxes                               5,281,816        48.7%     1,408.48
      General sales                     2,255,743        20.8%       601.53
      Selective sales                     736,103         6.8%       196.29
      License taxes                       297,468         2.7%        79.32
      Individual income                 1,380,653        12.7%       368.17
      Corporation net income              244,856         2.3%        65.29
      Other taxes                         366,993         3.4%        97.86
    Current charges                       576,691         5.3%       153.78
    Miscellaneous general revenue         523,782         4.8%       139.68
  Utility revenue                          17,101         0.2%         4.56
  Liquor stores revenue                         0         0.0%         0.00
  Insurance trust revenue               2,018,120        18.6%       538.17

Total Expenditure                       9,782,725       100.0%     2,608.73
  Intergovernmental expenditure         3,219,572        32.9%       858.55
  Direct expenditure                    6,563,153        67.1%     1,750.17
    Current operation                   4,410,129        45.1%     1,176.03
    Capital outlay                        565,627         5.8%       150.83
    Insurance benefits and repayments     977,808        10.0%       260.75
    Assistance and subsidies              398,047         4.1%       106.15
    Interest on debt                      211,542         2.2%        56.41
Exhibit:  Salaries and wages            1,278,841        13.1%       341.02

Total expenditure                       9,782,725       100.0%     2,608.73
  General expenditure                   8,782,381        89.8%     2,341.97
        Intergovernmental expenditure   3,219,572        32.9%       858.55
        Direct expenditure              5,562,809        56.9%     1,483.42
  General expenditure, by function:
      Education                         3,016,961        30.8%       804.52
      Public welfare                    2,159,415        22.1%       575.84
      Hospitals                            71,652         0.7%        19.11
      Health                              459,287         4.7%       122.48
      Highways                            920,713         9.4%       245.52
      Police protection                    99,278         1.0%        26.47
      Correction                          345,378         3.5%        92.10
      Natural resources                   142,141         1.5%        37.90
      Parks and recreation                 19,597         0.2%         5.23
      Governmental administration         337,902         3.5%        90.11
      Interest on general debt            205,281         2.1%        54.74
      Other and unallocable             1,004,776        10.3%       267.94
  Utility expenditure                      22,536         0.2%         6.01
  Liquor stores expenditure                     0         0.0%         0.00
  Insurance trust expenditure             977,808        10.0%       260.75

Debt at end of fiscal year              3,052,565       100.0%       814.02

Cash and Security Holdings             15,550,883       100.0%     4,146.90