Lawmakers’ proposal calls for a 1.76% raise in Arkansas’ next general revenue budget, mostly for education – By Michael R. Wickline (Arkansas Democrat Gazette) / April 26, 2024
Arkansas’ general revenue budget would increase by $109.3 million, or 1.76%, to $6.31 billion in the next fiscal year that starts July 1 under the proposed Revenue Stabilization Act unveiled Thursday in the Legislature’s Joint Budget Committee.
Most of the increased general revenue funding would be earmarked for educational initiatives under the proposed act.
The proposed Revenue Stabilization Act for fiscal 2025 virtually mirrors Republican Gov. Sarah Huckabee Sanders’ proposed general revenue budget that she released March 6 to the Joint Budget Committee. Fiscal 2025 begins July 1, 2024, and ends June 30, 2025.
The Revenue Stabilization Act prioritizes the distribution of state general revenue, such as income taxes and sales taxes, to state-supported programs such as public schools, human services, higher education institutions, corrections and Arkansas State Police.
