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

                                                      Percent           Per
ARKANSAS                                     1995 Distribution       capita

Population (thousands)                      2,484           -             -
Total Revenue                           7,368,193       100.0%     2,966.26
  General revenue                       6,466,816        87.8%     2,603.39
    Intergovernmental revenue           2,077,582        28.2%       836.39
    Taxes                               3,391,785        46.0%     1,365.45
      General sales                     1,301,937        17.7%       524.13
      Selective sales                     586,897         8.0%       236.27
      License taxes                       196,957         2.7%        79.29
      Individual income                 1,047,119        14.2%       421.55
      Corporation net income              191,600         2.6%        77.13
      Other taxes                          67,275         0.9%        27.08
    Current charges                       688,056         9.3%       277.00
    Miscellaneous general revenue         309,393         4.2%       124.55
  Utility revenue                               0         0.0%         0.00
  Liquor stores revenue                         0         0.0%         0.00
  Insurance trust revenue                 901,377        12.2%       362.87

Total Expenditure                       6,616,119       100.0%     2,663.49
  Intergovernmental expenditure         1,585,671        24.0%       638.35
  Direct expenditure                    5,030,448        76.0%     2,025.14
    Current operation                   3,740,550        56.5%     1,505.86
    Capital outlay                        478,215         7.2%       192.52
    Insurance benefits and repayments     545,268         8.2%       219.51
    Assistance and subsidies              149,215         2.3%        60.07
    Interest on debt                      117,200         1.8%        47.18
Exhibit:  Salaries and wages            1,348,659        20.4%       542.94

Total expenditure                       6,616,119       100.0%     2,663.49
  General expenditure                   6,070,851        91.8%     2,443.98
        Intergovernmental expenditure   1,585,671        24.0%       638.35
        Direct expenditure              4,485,180        67.8%     1,805.63
  General expenditure, by function:
      Education                         2,352,224        35.6%       946.95
      Public welfare                    1,518,699        23.0%       611.39
      Hospitals                           338,669         5.1%       136.34
      Health                              240,336         3.6%        96.75
      Highways                            613,037         9.3%       246.79
      Police protection                    50,627         0.8%        20.38
      Correction                          160,878         2.4%        64.77
      Natural resources                   134,342         2.0%        54.08
      Parks and recreation                 36,449         0.6%        14.67
      Governmental administration         173,076         2.6%        69.68
      Interest on general debt            117,200         1.8%        47.18
      Other and unallocable               335,314         5.1%       134.99
  Utility expenditure                           0         0.0%         0.00
  Liquor stores expenditure                     0         0.0%         0.00
  Insurance trust expenditure             545,268         8.2%       219.51

Debt at end of fiscal year              1,982,537       100.0%       798.12

Cash and Security Holdings              9,239,768       100.0%     3,719.71