State fiscal outlook: cautious | Arkansas Blog

Thursday, April 21, 2011

State fiscal outlook: cautious

Posted By on Thu, Apr 21, 2011 at 10:24 AM

Richard Weiss, director of the state Finance and Administration Department, has provided an updated assessment of the state's financial condition based on current revenue, future estimates and the impact of tax-cutting the recent legislation session.

Bottom line seems to be that Arkansas continues to perform modestly ahead of many of states with expected growth producing state net income this fiscal year, which ends June 30, 3.2 percent ahead of last year, and a forecast of another 2 percent growth in net revenue the following year.

Don't get out your spending or tax-cutting wish list just yet.

Recognition of combined risks in the U.S. forecast for successful transition of recovery from public to private sectors and new concerns for consumers in the face of energy price pressures calls for a cautious stance.

Here's the full report to leaders of a joint economic committee.

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