State predicts $35.9 million surplus for FY 2016, rise in revenue in FY 2017 | Arkansas Blog

Tuesday, February 2, 2016

State predicts $35.9 million surplus for FY 2016, rise in revenue in FY 2017

Posted By on Tue, Feb 2, 2016 at 9:56 AM

The Arkansas Department of Finance and Administration this morning released its tax revenue forecast for the 2015-17 biennium. 

In short: Fiscal year 2016 (which began last summer) is expected to see a 0.5 percent decrease in net available revenue compared to FY 2015. In part, that's surely a result of tax cuts established in 2013 reaching full fruition.

In FY 2017, which begins this coming summer, the state expects net available revenue to increase by 2 percent above FY 2016.

For the current fiscal year, projected tax collections should fully fund all components of the state's budget and provide a surplus of $35.9 million. That's good news for Gov. Asa Hutchinson's highway funding plan, which leans heavily on projected surpluses to plug a gap in Arkansas's roads budget. (UPDATE: Maybe not such good news after all. $36 million is a modest number, considering the governor needs something around $192 million in surplus to meet his projected target. Explanation here.)


The DFA also released its revenue report for January today. The report says the state's collections for the month exceeded forecasts for both net and gross revenue, and that the totals exceed that of January 2015:

January Net Available General Revenues total $551.9 million, $30.6 million or 5.9 percent above last year and $31.0 million or 5.9 percent above forecast.
...
The results exceeded forecast in all major categories, and were further boosted by income tax refunds coming in below expected levels.



Tags: , ,

From the ArkTimes store

Favorite

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Benjamin Hardy

Readers also liked…

  • Auditor Lea caught not telling the truth

    State Auditor Andrea Lea, who began her tenure in statewide office with a degree of competence unseen in some other Republican counterparts (think Treasurer Dennis Milligan particularly), is becoming more deeply mired in a political scandal.
    • Mar 4, 2016
  • Another Republican miracle-working governor

    Great piece in Washington Post on the budget crisis in Louisiana. Big tax cuts and corporate welfare will do that to a state, particularly to a state whose previous governor, Republican Bobby Jindal, refused to join the Obamacare-funded Medicaid expansion. There's a lesson there for Arkansas.
    • Mar 4, 2016
  • Charter school accountability: Non-existent in Arkansas

    A state audit finds charter school spending violated state law, but the state Education Department says it has no responsibility for ensuring proper management of charter schools. Say what?
    • Mar 5, 2016

Most Shared

  • Guest Playlist: Flap Jones of "Not Necessarily Nashville" schools us on real country music

    "Not Necessarily Nashville," which airs on KUAR-FM 89.1 every Saturday, 7 p.m.-9 p.m., celebrates three decades of the "best of the rest of country music" Saturday, October 21 at the White Water Tavern with Brad Williams of The Salty Dogs & The Creek Rocks, and we asked host Flap Jones to curate a playlist for us ahead of that anniversary celebration.
  • Discussion: State killing of the mentally ill

    The Arkansas Coalition to Abolish the Death Penalty and others will have a forum on mental illness and the death penalty at 6:30 p.m. Monday at the Bowen School of Law's Friday Courtroom.

Most Viewed

  • Hog football: The lawyers take over

    If you believe social media, it's all over but the post-season buyout for Razorback football coach Bret Bielema. That means, in turn, that the issue of what the coach's contract buyout is worth is not just an academic question.

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation