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Arkansas Budget Finishes Fiscal Year Better Than Expected

Arkansas ended its 2019-2020 fiscal year June 30th with a better than expected revenue number. The COVID-19 pandemic certainly brought significant economic injury that continues today, but the effects on Arkansas's State budget were not as bad as initially forecasted. According to news reports, Arkansas's revenue collections for the fiscal year that ended this week were $240 million better than previously projected at the start of the pandemic. The condition of the economy and state budget remain on shaky ground going forward with many uncertainties with the ongoing pandemic.

While portions of the state's economy closed temporarily to slow the spread of the virus and enhance preparedness at hospitals and care facilities, much of Arkansas's economy remained open. Re-activation is happening in most segments of the economy with strong precautions being taken, such as mask wearing, social distance, limited occupancy and more, to help mitigate transmission risks.

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