Reality Bites: State Revamps Budget Forecasts

Happening now: Arkansas Department of Finance & Administration Director Richard Weiss is delivering the bad news to the Arkansas General Assembly’s Joint Budget Committee. Arkansas’ budget picture for the next fiscal year? Less rosey than originally thought! Are chickens coming home to roost? Has recession finally come to Arkansas?

All will be revealed. Track the breaking news via:

Our developing story at ArkansasBusiness.com here, with updates from the Associated Press

@MatthewPrice, who’s Twittering from the meeting for Capsearch.com

Capsearch.com’s Insiders’ Blog

UPDATED: The AP’s full story here. In short, the state needs $100 million from the $300 million surplus to plug holes in the budget. Net available revenues are now projected at $4.4 billion for fiscal 2010 — about $63 million less than originally forecast in November, but still $26.7 million greater than fiscal 2009.

And there was this: The state’s new 56-cent tobacco tax will bring $14 million less than projected, owing to that additional rise in tobacco prices due to an increase in the federal tax on cigarettes. That federal tax, which everyone saw coming, goes into effect next month.

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One Response

  1. […] Coffers Aren’t As Full: The state of Arkansas had to revamp its budget forecasts. Hey, if this is the worst thing we have to do we’re still better than every other state. […]

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