Arkansas Ends Fiscal Year With $177 Million Surplus

Jul 5, 2016

Arkansas has ended its fiscal year with a $177.4 million surplus. The state Department of Finance and Administration announced Tuesday the state's net available revenue for the fiscal year that ended June 30 totaled $5.3 billion. That's $117.3 million higher than the previous fiscal year.

State finance officials say the biggest drivers in building up the state's forecast were individual and corporate income tax collections. With refunds factored in, individual income tax collections were $82.1 million above forecast and corporate income tax collections were $27 million above forecast. Arkansas' sales tax collections above the previous fiscal year but below forecast.

Arkansas had ended the previous fiscal year with a $191.6 million surplus.