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Publication Sneak Peek
Our Two Cents
This segment features content from other AAEA publications. Our Two Cents is a monthly publication available to subscribing districts. The following excerpt comes from the October 2022 issue.
Did You Know?
Department of Finance and Administration Revenue Report for September 2022
September net available general revenue totaled $766.1 million, 11% ($75.8 million) more than the same month a year ago and 20% ($128.7 million) above forecast. Revenue results were above forecast in all major categories. State officials reported that corporate and individual income tax filings in September indicate the state is on track for a third consecutive year of high growth in incomes. Inflation continues to be a part of tax revenue gains nationwide. The August Consumer Price Index, posted September 13 by the U.S. Bureau of Labor Statistics, reported that all indexed items were up 8.3% compared with August 2021. Arkansas’ tax revenue surplus is almost $175 million to end the first quarter of Arkansas’ fiscal year (July-September 2022). Total revenue in the three-month period was $2.08 billion, up 6.4% compared to the same period in 2021 and up 9.2% above forecast. State tax coffers ended the previous fiscal year in June with a $1.62 billion surplus. Click here for the full report.
Attorney General Opinions 2022-024
Attorney General Opinion 2022-024 is a response to several questions regarding school millage property taxes. Question 1: After a school district closes, does the millage levy for that school transfer to another district? Or does the levy cease when the school closes? Answer: A school district may be closed but the area once served by the old district will then be served by an existing school district through either annexation or consolidation. In such an event, the millage levy of a “closed” school district stays in place until changed by the voters of the resulting school district. Question 2: Does it violate any state or federal law to require a resident of one county to pay a school millage when the millage goes to a school district located in another county? No. School-district boundaries often cross county lines. Moreover, state law is firm that school districts are distinct taxing units. And this remains the case when school districts cross county lines. Click here for the full text of AG Opinion 2022-024.
