Arkansas Ends Fiscal Year With Nearly $1 Billion Surplus | Arkansas News

LITTLE ROCK, Ark. (AP) — Arkansas ended the fiscal year with a surplus of nearly $1 billion, the state’s finance agency said Friday.

The Department of Finance and Administration said the state ended the fiscal year on June 30 with a surplus of $945.7 million. The state’s net available revenue for the fiscal year totaled more than $6.8 billion.

Gov. Asa Hutchinson called the surplus a state record that allowed Arkansas to grow its reserves to more than $1.2 billion and add to its Medicaid trust fund.

The Republican governor noted that the state’s individual income tax collections increased over the previous year and beat the state forecast despite a tax cut that took effect this year. Hutchinson has said he plans to call a special session to take up additional tax cuts this fall.

The state’s sales and corporate income tax collections also came in above the previous year and state forecasts.

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“This showcases the fact that a growing economy along with conservative management of our resources allows us to fund education at a high level and other state services and to cut taxes at the same time,” Hutchinson said in a statement.

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