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Arkansas

Arkansas 2021 State of the States 249 Steve Bounds funding priorities/trends for p-12 and/or higher education Arkansas is a very-low-income state. Using most measures of income, Arkansas is regularly ranked as one of the three poorest states in the nation. In 1945, Arkansas passed the Revenue Stabilization Law which limits the ability of the state to have budget deficits and basically requires the state to have a balanced budget. Due to the coronavirus pandemic, in March 2020 the governor announced the state anticipated a $353 million revenue shortfall. As a result, the state cut funding to public schools by $121 million during the spring of 2020 and cut higher education by $42.4 million. Employees were furloughed, travel was reduced or eliminated, and supply budgets were slashed. Educational leaders began developing significantly reduced budgets for FY21. Fortunately, the state of Arkansas fared better than expected during the last quarter of the fiscal year (FY) and ended the year with $360 million more than anticipated. In the April fiscal session, the General Assembly approved a $5.89 billion general revenue budget for FY 2021. The state’s April forecast for FY 2021 would provide $5.68 billion for that budget and leave $212.2 million of http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Education Finance University of Illinois Press

Arkansas

Bounds, Steve
Journal of Education Finance , Volume 46 (3) – Apr 1, 2021
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Publisher
University of Illinois Press
Copyright
Copyright © Board of Directors of the Journal of Education Finance, Inc.
ISSN
1944-6470

Abstract

2021 State of the States 249 Steve Bounds funding priorities/trends for p-12 and/or higher education Arkansas is a very-low-income state. Using most measures of income, Arkansas is regularly ranked as one of the three poorest states in the nation. In 1945, Arkansas passed the Revenue Stabilization Law which limits the ability of the state to have budget deficits and basically requires the state to have a balanced budget. Due to the coronavirus pandemic, in March 2020 the governor announced the state anticipated a $353 million revenue shortfall. As a result, the state cut funding to public schools by $121 million during the spring of 2020 and cut higher education by $42.4 million. Employees were furloughed, travel was reduced or eliminated, and supply budgets were slashed. Educational leaders began developing significantly reduced budgets for FY21. Fortunately, the state of Arkansas fared better than expected during the last quarter of the fiscal year (FY) and ended the year with $360 million more than anticipated. In the April fiscal session, the General Assembly approved a $5.89 billion general revenue budget for FY 2021. The state’s April forecast for FY 2021 would provide $5.68 billion for that budget and leave $212.2 million of

Journal

Journal of Education Finance – University of Illinois Press

Published: Apr 1, 2021

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