Arkansas Ends Fiscal Year With $299.5M Surplus
Arkansas has ended its fiscal year with a nearly $300 million surplus.
The Arkansas Department of Finance and Administration reported Tuesday that the state's net available revenue for the fiscal year that ended Sunday was $5.02 billion.
The amount was $275.4 million higher than last year. Officials said revenues were above last year's and above their predictions, primarily because of an increase in individual income tax collections.
The department attributed the growth to residents shifting income into tax year 2012 to avoid higher federal income tax rates.
The state's sales tax collections were above last year's figures but below forecast.
Gov. Mike Beebe said the numbers were good news but said that the individual income tax growth was a one-time anomaly that the state likely won't see in the future.