On Tuesday, March 8th, the Arkansas General Assembly finished its fiscal session work with the approval of a $6.02 billion budget proposal for the upcoming 2023 fiscal year that is expected to be signed into law by Governor Hutchinson. The budget bill, known as the Revenue Stabilization Act (RSA), represents an increase of 2.9% above the fiscal year 2023 budget with increases largely focused on law enforcement, education, and human services. The budget as passed is expected to still allow for the collection of surplus revenues despite income tax cuts that were recently passed and signed into law. The Department of Finance and Administration (DFA) expectes a surplus of $193.9 million at the end of fiscal 2023 with up to $50 million of that surplus going to state highways.
In addition to the budget action during the fiscal session, the Senate elected Bart Hester (R-Cave Springs) to serve as Senate Pro-Tempore for the next General Assembly, which will begin in 2023.
More below:
https://www.arkansasonline.com/news/2022/mar/09/legislators-ok-acts-raising-arkansas-general/