State tax take: Better | Arkansas Blog

Wednesday, June 2, 2010

State tax take: Better

Posted By on Wed, Jun 2, 2010 at 9:36 AM

The May state revenue report shows income was up over the same month last year and up over the reduced forecast. There's evidence of an economic rebound in payroll withholding and sales tax revenues were a tiny bit ahead of last year and solidly ahead of forecast.

Is that a light at the end of the tunnel? Or is it still an oncoming train?

The governor's office said no further spending adjustments are planned at the moment, "but we're glad to see the positive numbers."

ALSO: Home sales were up more than 25 percent April against April 2009, helped by the final month of a federal tax credit.

UPDATE: Things are not so much better, however, that pay relief is in the offing for state employees. A reader sends along an advisory that went out to state agencies recently. No COLAS or merit or longevity bonuses are planned to start the new budget year July 1. No layoffs or furloughs, either.

We have received from the state’s chief fiscal officer information about the pay plan for next fiscal year, which begins July 1, 2010 and ends June 30, 2011.  This information applies to all state agencies:
·         No changes will be made to the actual pay plan.  The classification structure and salary levels (entry, base, etc.) will remain the same.
·         Some decisions have been made based on the official forecast of general revenues for fiscal year 2011.  If the economy has improved after the first two quarters of fiscal 2011, all of these decisions will be revisited.  For now, though:
o   The 2.3% cost of living adjustment (COLA) authorized by the pay plan act will be suspended at this time and will not be applied to employee’s salaries on July 1.
o   Merit increases are also suspended for fiscal 2011.  Please note that performance evaluations are still required for all employees.
o   Lastly, annual career service recognition payments have also been suspended effective July 1.

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