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Arizona gov. signs to plug $1.2 billion shortfall

Fri Apr 18, 2008 7:09pm EDT

SAN FRANCISCO, April 18 (Reuters) - Arizona Gov. Janet Napolitano signed on Friday a bill that closes a $1.2 billion shortfall in the state budget caused by a weak state economy triggered by the housing slump.

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Lawmakers had passed the spending plan for the state's 2008 fiscal year on Thursday evening.

The budget includes about $311 million in cuts to state agencies, more than $300 million in cuts to agency balances the withdrawal of $487 million dollar from the state's rainy-day fund. The fund will retain more $200 million, according a statement by Napolitano's office.

Arizona faces a budget shortfall of nearly $2 billion in its 2009 fiscal year, starting in July. (Editing by Andre Grenon)

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