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Arkansas Economists Anticipate Bigger Budget In 2017

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An economic forecast report for next year shows an anticipated $106.8 million dollar budget increase from 2016.

The 2 percent increase is a result of tax cuts from last year’s legislative session.

The state currently has $551 million in net available revenue. In January revenue was $31 million dollars above forecast for the month.

The report shows all major collection categories were higher than expected. According to State Economist John Shellnutt, the positive results were due mostly to increased corporate and individual income taxes.

"We also had the benefit to the bottom line from individual income tax refunds being less than expected by 10.7 million," he said. 

The department expects more revenue growth through the end of 2016, with a surplus of nearly $36 million dollars by the end of the fiscal year. 

Sarah Whites-Koditschek is a former News Anchor/ Reporter for KUAR News and Arkansas Public Media.