LITTLE ROCK, Ark. — Arkansas has ended the fiscal year with a surplus of nearly $1 billion.
The Department of Finance and Administration said Friday that the state’s surplus for the fiscal year that ended June 30 totaled $945.7 million, more than double the previous record.The state’s net available revenue for the year totaled more than $6.8 billion.
Gov. Asa Hutchinson noted that Arkansas’ income tax collections were up despite a tax cut taking effect this year.
The Republican governor has said he plans to call for a new round of tax cuts during a special legislative session this fall.