LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state’s surplus is nearly $175 million as the end of the fiscal year approaches.
The Department of Finance and Administration on Tuesday said the state’s net available revenue for May totaled $378.6 million. That’s $31.3 million higher than the same month last year and $25.5 million above forecast. Finance officials say all major categories of tax collections were above forecast last month.
The state also issued less in individual income tax refunds last month than expected.
The state’s net available revenue for the fiscal year that began July 1 totaled $5.2 billion. That’s $174.4 million above forecast. Arkansas’ fiscal year ends on June 30.