Arkansas Fiscal Year Ends With Nearly $300 Million Surplus

Arkansas’ fiscal year ended nearly $300 million in the black as net general revenues broke a record $5 billion.

For the full year, which ended June 30, net available general revenue collections totaled $5.027 billion. The state ended the year with a $299.5 million surplus, up 6.3% above last year. All categories of the budget were funded during the year.

Individual income taxes remained the backbone of strength for state tax collections. Individual income taxes accounted for $3.144 billion, up 8.6% above last year and 6.5% above forecast.

Corporate income taxes topped $431 million, a decrease of one percent and 2.7% below forecast.

Sales and use collections totaled $2.124 billion, up 1.1% over last year, but down 1.4% from forecast.

You can access the full report here.