LITTLE ROCK (KFSM) — Arkansas’ Department of Finance and Administration announced that it ended its fiscal year with a $177.4 million surplus.
The department stated the surplus was $117.3 million higher than the previous fiscal year. The fiscal year ended June 30 with a revenue of $5.3 billion.
Among those cited for biggest factors in increasing the state’s forecast were individual and corporate income tax collections. Individual income tax collections were $82.1 million above the expected amount, with refunds factored in.
Arkansas ended the the previous fiscal year with a surplus of $191.6 million, according to reports.
