Advertisement

Arkansas budget surplus grows to nearly $717M for year

Arkansas Gov Asa Hutchinson urged lawmakers Tuesday to not “retreat” from the state’s...
Arkansas Gov Asa Hutchinson urged lawmakers Tuesday to not “retreat” from the state’s coronavirus safety measures and to enact hate crimes legislation as he delivered a State of the State address 11 months into the pandemic.(KY3)
Published: May. 4, 2021 at 1:50 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

LITTLE ROCK, Ark. (AP) — Arkansas’ finance office on Tuesday said the state’s surplus for the current fiscal year has grown to nearly $717 million.

The Department of Finance and Administration said the state’s net available general revenue for the fiscal year that began July 1 now totals nearly $5.5 billion. That’s more than $651 million more than the state reported at the same time a year ago, the department said.

The state’s net revenue in April totaled nearly $780 million, which was $242 million above the same month last year and nearly $167 million more than was forecast.

The department said net available revenue was above forecast in nearly all major tax categories last month. Individual income tax collections were $2.3 million above forecast, while sales tax collections were $81.7 million above forecast.

Corporate income tax collections were $63.2 million above forecast.

To report a correction or typo, please email digitalnews@ky3.com

Copyright 2021 KY3. All rights reserved.