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Beebe Backs 'Rainy Day Fund' for Budget
posted 11:36 am Fri October 31, 2008
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Little Rock - Governor Beebe says the state should set aside some of its surplus as a "rainy day fund" the state can tap in case of financial problems.
With two weeks to go until he presents his balanced budget proposal to legislators, Beebe says he wants to set aside some surplus money to help the state in case the nation's financial crisis hits the state's revenues.
The state already has $259.5 million available in the state's General Improvement Fund - a surplus typically used to fund one-time projects.
Beebe did not say how much of the surplus he'd like to set aside for the fund.
The governor has already said he hopes to continue a reduction in the state's sales tax on groceries, which was cut in half by lawmakers last year. Beebe indicated today that an additional tax cut may be in conjunction with the reserve fund proposal.
Earlier this month, lawmakers began fall budget hearings in preparation for the legislative session that begins in January.
Both the balanced budget proposal and forecast for the next two-year budget cycle are expected to be released November 13.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
With two weeks to go until he presents his balanced budget proposal to legislators, Beebe says he wants to set aside some surplus money to help the state in case the nation's financial crisis hits the state's revenues.
The state already has $259.5 million available in the state's General Improvement Fund - a surplus typically used to fund one-time projects.
Beebe did not say how much of the surplus he'd like to set aside for the fund.
The governor has already said he hopes to continue a reduction in the state's sales tax on groceries, which was cut in half by lawmakers last year. Beebe indicated today that an additional tax cut may be in conjunction with the reserve fund proposal.
Earlier this month, lawmakers began fall budget hearings in preparation for the legislative session that begins in January.
Both the balanced budget proposal and forecast for the next two-year budget cycle are expected to be released November 13.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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Say It On 7: Beebe Backs 'Rainy Day Fund' for Budget
dmiller
1:12 pm on 11/02/08
Hey Gov it's freakin pourin now. Highways in need of repair ring a bell.
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