General

Arkansas' surplus approaching $500M, finance office says – KAIT

LITTLE ROCK, Ark. (AP) – Arkansas’ surplus for the current fiscal year is approaching half a billion dollars.

The Department of Finance and Administration on Monday said the state’s net available revenue for the fiscal year, which began July 1, now totals more than $5 billion. That’s $456 million above forecast and more than $390 million above the same time last year.

The state’s individual income, sales, and corporate income tax collections in March were all above the same month last year and above forecast.

The state ended its last fiscal year with a nearly $1 billion surplus.

Copyright 2022 The Associated Press. All rights reserved.

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