June 30, 2003 - Posted at: 11:56 a.m. CDT
LITTLE ROCK, Ark. -- The state fiscal office has some good news for state agencies on this last day of fiscal year 2003. The Department and Finance and Administration raised the the state forecast by $10.3 million.
That restores about half of the $20.9 million in cuts announced in May. State finance chief Richard Weiss attributes the first revenue revision since mid-1999 to higher sales and income tax collections. Weiss says that could mean the economy is slowly recovering.
Publics schools will benefit most from today's announcement. They will receive nearly half of the increase. Human services and prisons will get the lion's share of the rest. State finance officer Richard Weiss says most other agencies will not be able to spend what little they get because it's the last day of their budget year.
Weiss says he expects revenue collections for the year to be ahead by at least $6 million when end-of-the-year numbers are released later this week.