STATE GOVERNMENT FINANCES
(Amounts are in thousands.  Per capita in dollars.)

                                                      Percent           Per
ARKANSAS                                     1992 Distribution       capita

Population (thousands)                      2,372           -             -
Total Revenue                           5,864,295       100.0%     2,472.30
  General revenue                       5,190,388        88.5%     2,188.19
    Intergovernmental revenue           1,635,962        27.9%       689.70
    Taxes                               2,748,292        46.9%     1,158.64
      General sales                     1,032,536        17.6%       435.30
      Selective sales                     485,252         8.3%       204.58
      License taxes                       195,634         3.3%        82.48
      Individual income                   850,111        14.5%       358.39
      Corporation net income              125,525         2.1%        52.92
      Other taxes                          59,234         1.0%        24.97
    Current charges                       552,610         9.4%       232.97
    Miscellaneous general revenue         253,524         4.3%       106.88
  Utility revenue                               0         0.0%         0.00
  Liquor stores revenue                         0         0.0%         0.00
  Insurance trust revenue                 673,907        11.5%       284.11

Total Expenditure                       5,478,493       100.0%     2,309.65
  Intergovernmental expenditure         1,465,060        26.7%       617.65
  Direct expenditure                    4,013,433        73.3%     1,692.00
    Current operation                   2,896,061        52.9%     1,220.94
    Capital outlay                        444,873         8.1%       187.55
    Insurance benefits and repayments     416,839         7.6%       175.73
    Assistance and subsidies              125,273         2.3%        52.81
    Interest on debt                      130,387         2.4%        54.97
Exhibit:  Salaries and wages            1,084,056        19.8%       457.02

Total expenditure                       5,478,493       100.0%     2,309.65
  General expenditure                   5,061,654        92.4%     2,133.92
        Intergovernmental expenditure   1,465,060        26.7%       617.65
        Direct expenditure              3,596,594        65.6%     1,516.27
  General expenditure, by function:
      Education                         2,122,905        38.7%       894.99
      Public welfare                    1,176,619        21.5%       496.05
      Hospitals                           180,485         3.3%        76.09
      Health                              179,361         3.3%        75.62
      Highways                            576,635        10.5%       243.10
      Police protection                    38,512         0.7%        16.24
      Correction                          105,591         1.9%        44.52
      Natural resources                   117,150         2.1%        49.39
      Parks and recreation                 32,198         0.6%        13.57
      Governmental administration         129,695         2.4%        54.68
      Interest on general debt            130,387         2.4%        54.97
      Other and unallocable               272,116         5.0%       114.72
  Utility expenditure                           0         0.0%         0.00
  Liquor stores expenditure                     0         0.0%         0.00
  Insurance trust expenditure             416,839         7.6%       175.73

Debt at end of fiscal year              1,942,169       100.0%       818.79

Cash and Security Holdings              7,516,889       100.0%     3,169.01