LITTLE ROCK – Arkansas finance officials say they expect the state to collect $89.5 million more next fiscal year, but are predicting a tight budget.
The Department of Finance & Administration on Tuesday released the state’s revenue forecast for the fiscal year that begins July 1. Agency officials said the state’s revenues will total $4.49 billion in revenue, with increases in individual income and sales tax collections expected.
The forecast was the first released under an amendment approved by voters that requires Arkansas’ Legislature to meet annually and to budget one year at a time, rather than for a two-year period. Lawmakers will hold their first strictly fiscal session under the amendment in February.
Gov. Mike Beebe is expected to release his balanced budget proposal before lawmakers begin budget hearings in January.
(Copyright 2009 The Associated Press. All rights reserved. This material may not be broadcast published, rewritten, or redistributed.)