PHX Reporter

Phoenix, Ariz. (March 6, 2024) – A new report has highlighted the robust economic health and prudent financial management of Maricopa County, Arizona.

"Maricopa County continues to lead the country in growth and financial responsibility," stated Chairman Jack Sellers of the Maricopa County Board of Supervisors, District 1. "I am proud that we are able to make prudent financial decisions and govern with foresight and integrity."

According to the report, in June 2023, Maricopa County demonstrated a lower unemployment rate of 3.9% compared to the state average of 4.4%, signaling a steady recovery from the peak unemployment rate of around 10% in 2020. The County is home to a diverse range of employers, especially in the high tech, financial, and service sectors. Banner Health, the State of Arizona, and Walmart, Inc. were identified as the top three employers in the County.

Vice Chairman Thomas Galvin, District 2, commented, "This report proves that Maricopa County successfully engages in efficient and conservative fiscal planning that maximizes the impact of every hard-earned taxpayer dollar. The result: a stronger economy that serves job creators and job seekers. It's no wonder we're still the fastest-growing county in the nation."

The report also revealed that Maricopa County's FY 2023 expenditures amounted to only $769 per resident, significantly lower than the average of $1,626 for counties of similar size. The County's efficient fiscal planning ensures that taxpayer dollars are utilized effectively, with a focus on public safety initiatives, health, welfare, sanitation activities, and capital projects.

Furthermore, the County is set to make substantial contributions towards unfunded pension liabilities for the second consecutive year in FY 2024. The Board will allocate $190 million towards the Public Safety Personnel Retirement System (PSPRS) Sheriff and Corrections Officer Retirement Plan, aiming to reduce future budget allocations for pension funding.

In fiscal year 2023, Maricopa County's governmental fund revenues totaled approximately $3.1 billion, with property taxes serving as a major revenue source. Despite rising property valuations, the Board of Supervisors managed to reduce the property tax rate from 1.64% in FY 2019 to 1.46% in FY 2023, while experiencing a steady increase in tax revenue year over year.

The report's comparisons were made with 10 U.S. counties of large geographic size and major urban centers. To access the full report, interested individuals can visit https://www.maricopa.gov/6035/Popular-Annual-Financial-Reports.