LITTLE ROCK, Ark. (AP) — The fiscal year ended in Arkansas with a surplus of more than $1.1 billion, which is the state’s second-largest, finance officials announced Wednesday.
The Arkansas Department of Finance and Administration said the state’s net available revenue for the fiscal year that ended on Friday totaled nearly $7.2 billion. The state’s individual income taxes came in below last year’s numbers but above what was forecast, while corporate income and sales tax collections were above last year and forecast.
“The economy outperformed expectations across the fiscal year in revenue results amid volatility from slowing inflation, tax reductions and tight labor markets,” Finance and Administration Secretary Larry Walther said in a statement.
The record for a surplus was set in the previous fiscal year, when Arkansas reported a $1.6 billion surplus. The state has reported its three highest surpluses over the past three years.
Republican lawmakers have cited the state’s surpluses as they’ve recently pushed for tax cuts in Arkansas. In April, Republican Gov. Sarah Huckabee Sanders signed into law a measure cutting individual and corporate income taxes by $124 million a year.
Alexa Henning, a spokesperson for Sanders, said the governor “will continue working to responsibly phase out the state income tax. Henning said that “being financially sound and strong helps keep us moving in that direction.”
The Associated Press
Have a news tip or event to promote? Email White River Now at news@whiterivernow.com. Be sure to like and follow us on Facebook and Twitter. And don’t forget to download the White River Now mobile app from the Google Play Store or the Apple App Store.
Get up-to-date local and regional news/weather from the First Community Bank Newsroom on Arkansas 103.3 KWOZ every weekday morning and afternoon. White River Now updates are also aired on weekday mornings on 93 KZLE, Outlaw 106.5, and Your FM 99.5.
