A picture is worth a thousand words. The Chart** below is the General Fund Balance from June 30, 2009 to the projected balance on June 30, 2014. Since FY09, on average, the balance has decreased by $23 million per year. The red line is the level at which point the cash flows of APS will become critical.
Does anyone still think we are not nearing a fiscal cliff?
**Sources – CAFR, APS FY13 Fund Balance Projection and the FY14 Tentative Budget.