Arkansas

The Arkansas Supreme Court turned down a request from the state to reconsider its November ruling that lets school districts keep excess property-tax revenue from a statewide tax.

Little Rock will save $2 million a year in debt service with a refunding of $24.7 million of airport revenue bonds from 1999 that financed projects at Bill and Hillary Clinton National Airport.

The Little Rock Advertising and Promotion Commission said last week it would support a bond issue of up to $65 million to renovate the city’s aging music hall.

A proposed $500 million freeway in northern Pulaski County could be funded through tolls under a plan being studied by the state and the regional planning authority.

An unexpected 18% jump in income tax collections boosted Arkansas December revenues to $38 million more than December 2011 and $17.5 million above expectations.

Legislative changes in the Arkansas tax code on how school taxes are collected and distributed could allow moving excess collections from property-rich school districts to less-wealthy ones.

Arkansas’ November revenues of $427.6 million were $15 million more than in November 2011 and $4 million more than expected, the Department of Finance and Administration said.

Local school districts would pay 15% of employee income into the Arkansas Teacher Retirement System under a legislative agenda approved last week by pension plan trustees.

Investments held by Arkansas Public Employees Retirement System rose to $6.1 billion in the third quarter of 2012, an increase of $282 million over the quarter.

School districts that can generate property tax revenues above the state’s basic per-student stipend do not have to share the excess collections with poorer districts, the Arkansas Supreme Court ruled last week in a 4-3 decision.

Actuaries said last week the Arkansas Teacher Retirement System will need more than 100 years to pay its current unfunded liabilities of $4.4 billion, up from a 66-year projection in June 2011.

Revisions and corrections to the property tax rolls in Pulaski County reduced total assessed valuations to $28.1 billion from the $30 billion originally reported to the state after a county-wide reappraisal was completed in April.

Gov. Mike Beebe proposed a $4.9 billion general revenue budget for fiscal 2014 in a presentation last week to the Arkansas Legislative Council and the Joint Budget Committee.

An Arkansas constitutional amendment authorizing STAR bonds in which sales tax revenue bonds would have supported economic development districts failed.

State and local governments across the Southwest await the outcome of billions of dollars of tax and bond propositions on ballots Tuesday, topped by a $1.9 billion school bond referendum in Houston.

State colleges and universities in Arkansas will ask the 2013 General Assembly for an additional $137 million in fiscal 2014.

Arkansas collected $355.6 million in general fund revenue in October, down $21.6 million from expected collections.

A $1.3 billion network of bond-financed highways linking major cities in Arkansas would enhance the state’s economy and quality of life, proponents said Tuesday.

More than half of those polled by the University of Arkansas in a recent telephone survey favor a proposed sales tax increase to support $1.3 billion of state highway revenue bonds.

The Arkansas Higher Education Coordinating Board approved $22.3 million of revenue bonds for projects at three colleges.