Arkansas Sees Second Budget Cut of $106 Million

A decline in Arkansas state tax collections has forced Governor Mike Beebe to reduce spending once again. This time, the governor is proposing a budget cut of $106 million. State tax collections are down 7.2% for the first three months.

According to Sondra Lamar, a UAFS representative for the University of Arkansas at Fort Smith, the budget cuts represent a significant $900,000 loss for the university.

So far, collections have totaled $2.577 billion for the July through December period. The Arkansas Department of Finance has attributed the weak tax collections for the state to a slowdown in consumer spending, business sales and weather.

In a prepared statement, Beebe said, “Arkansans are being increasingly cautious with their money, and our government must reflect that in our use of tax dollars.”

In the midst of one of the greatest recessions to ever hit the United States, consumers should be increasingly aware of their expenses. Cutting personal spending budgets may be a good start, but investing for the future is an even better strategy if it’s at all possible.

As of this moment, locating the best CD rates in Arkansas is easy thanks to online bank rate charts. Using this tool, people will be able to find the best CD rate in their area, or even the best rate in the nation. There’s no excuse not to save for your future. Recessions and economic downturns are all expected, as are budget cuts. You need to be prepared for the future, and only you can guarantee your financial success. Open a CD account today – you’ll be glad you did.