Despite a troubling national economic climate, state revenues continue to run above forecast.

The state finance office reports today that net available general revenues for October totaled $352.4 million, or 2.4 percent above October 2007. Collections also were above forecast by 2.3 percent, or $7.9 million.

Gov. Mike Beebe cautioned Monday that Arkansas could begin feeling the impact of the national economic slowdown sometime in the next fiscal year, which starts July 1. In case that happens, he said he wants to keep the state’s $310.5 million surplus in reserve “to plug the one-time gap created by a recession.”

The money would be used to shore up essential services such as Medicaid, Beebe said.

The governor is scheduled to present his balanced budget proposal on Nov. 13.

Net available general revenues through the first 10 months of the year were $1.55 billion —  4.9 percent above last year and 4.8 percent, or $71.1 million, above forecast, the state Department of Finance and Administration reported.

DF&A says general revenues were above forecast last month primarily because of gains in individual income tax collections and a $13.7 million transfer from unclaimed property proceeds.

Tags: Mike Beebe, state revenues

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