Huckabee's Legacy to Arkansas: Over a $1 Billion State Surplus

Dr. Bill Smith, ARRA Editor: Six months after former Arkansas Governor Huckabee left office, the financial figure are now reported. His legacy to the state, financial Independence with a revenue surplus exceeding $1 Billion. No debt! Arkansas is no longer the "poor step child." Let's see if the current administration can avoid reversing the trend. The legislature met and planned expenditures based on a projected revenue surplus. Even with approved tax cuts and larger than normal projected expenditures from the surplus and of course barring unforeseen emergency expenditures, Arkansas begins the new two-year budget cycle $112 million in the black.

Jason Wiest of the Arkansas News Bureau reported today that Arkansas' revenue surplus swelled past $1 billion by the June 30 end of the state fiscal year, the state finance office reported Tuesday. Another month of growth in June pushed the surplus $95.9 million higher than the May 2 revised forecast of $919 million, the state Department of Finance and Administration reported. Forecasters originally projected surplus of $843 million surplus for the 2007 fiscal year that ended Saturday. . . . During this year's legislative session, lawmakers made appropriations in excess of the fore casted surplus, planning on interest earnings from treasury balances, half of which go into the General Improvement Fund, to make up the difference, DF&A Director Richard Weiss said Tuesday.But the higher-than-expected surplus will leave those interest earnings untouched, with $26.9 million in surplus money to spare, Weiss said.Barring unforeseen emergency expenditures, the state begins the new two-year budget cycle roughly $112 million in the black, counting the unallocated funds and interest earnings, the state's chief fiscal officer said. . . . [Read More]

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Tags: Arkansas, GOP, Mike Huckabee, presidential candidate, surplus