State money not looking up | Arkansas Blog

Friday, October 2, 2009

State money not looking up

Posted By on Fri, Oct 2, 2009 at 9:30 AM

The September state revenue report is a doozy, and I don't mean good. For the month, gross revenues were down 14 percent against the same month last year and down 12 percent from the revenue forecast. Sales taxes plunged 10 percent year-to-year and income tax collections fell 22 percent.

For the first quarter of the state's budget year, money ran 7.2 percent below receipts in the first quarter last year and 6.4 percent below forecast.

I called Gov. Beebe's office to see if he is still comfortable that a turnaround later in the year will fix everything. The prepared response:

“I am concerned by this month’s revenue report and have asked the Department of Finance and Administration to perform a thorough review of their forecast in light of current revenue levels. Although Arkansas remains in a stronger fiscal position than the vast majority of her sister states, there is no doubt that the continuing global recession is having an impact within our borders; and state government must live within its means, just as every Arkansas business and family must.”

Richard Weiss, the state's chief fiscal officer, is also now saying that the sharp drop might mean a future reduction in the revenue forecast. That would mean spending cuts.


Sign up for the Daily Update email
Favorite

Comments (4)

Showing 1-4 of 4

Add a comment

 
Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Max Brantley

Readers also liked…

  • Campus gun bill clears committee

    The so-called compromise amendment that will allow anyone 25 or older with a training certificate carry a concealed weapon on public college campuses was approved in a Senate committee this afternoon.
    • Feb 21, 2017
  • Free Zinn book for Arkansas teachers

    Arkansas teachers! Get your free Howard Zinn book here! Whether Kim Hendren likes it or not.
    • Mar 3, 2017
  • Payday lenders on the march at legislature

    Payday lenders are working hard to get legislative cover for the reintroduction of their usurious loan business to Arkansas. Some are fighting back.
    • Mar 10, 2017

Most Viewed

Most Recent Comments

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation