State revenues down UPDATE | Arkansas Blog

Tuesday, November 3, 2009

State revenues down UPDATE

Posted By on Tue, Nov 3, 2009 at 11:41 AM

The details of the general revenue report for October have been leaked here and there over the past couple of days.  No real surprises here. Year-to-date net available general revenues total $1,477.1 million.  That's roughtly five percent below last year and $17.8 million below the general revenue forecast that was released in October.  Below-forecast collections are due to a decline in all the major revenue categories: corporate income taxes, gross receipts, individual income taxes.  For more details, read the report here.  

UPDATE: Matt Decample, spokesman for Gov. Mike Beebe, says the new numbers, especially noting the decline in revenues this month, says it's definitely something they'll be keeping an eye one but no action, in terms of further budget cuts, was planned at this point.

"There are some indicators that show a boost in corporate income over the coming months, and some other areas to offset some of it," DeCample said.  "But still when you're down in gross receipts that's something that you're always going to want to keep a close eye on.  At this stage, no, it's not going to be anything that will bring us back to the table to look at more cuts.  We leave the door open to make more cuts or to restore some that have been made, depending on what happens in the coming months, but there is no action planned right now."

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