The money rolls in | Arkansas Blog

Wednesday, May 3, 2006

The money rolls in

Posted By on Wed, May 3, 2006 at 2:36 PM

As we predicted earlier in the week, the state Finance and Administration Department has revised its revenue forecast because income continues to outstrip earlier forecasts. It’s the second upward revision since the 2005 legislature passed the two-year budget.

As it now stands, DF&A predicts this fiscal year will end June 30 with a $332 million surplus after funding all appropriations. It predicts the state will fund all appropriation categories in the second year of the budget period, fiscal 2007, with a $234 million surplus. In July 2005, the date of the last revision, the surplus had been forecast at $98.4 million for this year and $68.7 million for fiscal year 2007.

Officials caution that there’s been a great volatility in growth rates of different revenue streams -- the use tax for one. Fuel prices and rising interest rates are a couple of  key economic factors that could dramatically affect the future revenue picture. There was renewed talk today from Richard Weiss, the DF&A director, about the need for a rainy day fund to cushion the state against unexpected swings in revenue.

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