SEPTEMBER 5, 2006 - Posted at 11:14 a.m. CDT
LITTLE ROCK, AR - Arkansas experiences a slight bump in state revenues in August, and state revenue officials on Tuesday warned that the state's growth appears to be slowing down. The Arkansas Department of Finance and Administration reported that revenues for August were above last year and above their predictions. Net available revenue for the year-to-date totaled $722 million, up nearly $78 million from last year.
John Shelnutt, administrator of economic analysis and tax research for the finance department, said gross receipts show signs of a slowdown. Shelnutt said other indicators such as housing and vehicle sales show that state revenues are slowing down.
Arkansas ended the previous fiscal year with a $402 million surplus and the state is projected to have another $234 million left over at the end of this fiscal year. With extra money from last year, the state would have a total projected surplus of roughly $721 million.