State to End Fiscal Year with $94 Million Surplus

LITTLE ROCK, AR - State finance officials said Wednesday that they expect Arkansas to end the fiscal year with a $94.8 million surplus, despite their calls for budget cuts in the coming year.

In a letter to the Joint Committee on Economic and Tax Policy, Arkansas Dept. of Finance and Administration Director Richard Weiss predicted that net available revenues would reach more than $4.447 billion this year.  He predicted that net available revenues for the fiscal year beginning July 1 would reach $4.411 billion.

Officials with the department planned to detail their budget forecast during a meeting before the committee Wednesday afternoon.  The state revised its budget forecast for the coming fiscal year and said that $107 million should be cut because of concerns over a slowing economy.

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