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.

From the ArkTimes store

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…

  • The long and winding road: No exception yet for 30 Crossing

    The Arkansas highway department's representative on the Metroplan board of directors told the board today that the department is requesting an exception to the planning agency's cap on six lanes for its 30 Crossing project to widen Interstate 30 from six to 10 (and more) lanes.
    • Jun 29, 2016
  • ADEQ denies C&H Hog Farm permit

    The Arkansas Department of Environmental Quality has denied a new permit for the C&H Hog Farms' concentrated animal feeding operation near Mount Judea (Newton County). This is a big and somewhat surprising victory for critics who have viewed C&H's large-scale pig farm and the pig waste it generates as an existential threat to the Buffalo National River.
    • Jan 10, 2018
  • Medical marijuana backers: Health Department opposition 'disingenuous' and 'cruel'

    Arkansans for Compassionate Care, the group behind the first medical marijuana initiative to qualify for the ballot, has responded sharply to yesterday's statement by the Arkansas Health Department that it opposes legal medical use of marijuana.
    • Jul 13, 2016

Most Shared

Most Viewed

Most Recent Comments

 

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