Arkansas ends fiscal year with nearly $1 billion surplus

Arkansas News

LITTLE ROCK, Ark. (AP) — 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.

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