State ends the year with $15.7 million surplus | Arkansas Blog

Wednesday, July 5, 2017

State ends the year with $15.7 million surplus

Posted By on Wed, Jul 5, 2017 at 9:55 AM

The state revenue report for the year ending June 30 showed the state ended with a $15.7 million surplus with strong sales and income tax results the last two months putting the state in the black.

Gov. Asa Hutchinson had ordered a $70 million reduction in the forecast for the last two months, then restored $60 million. Revenue in excess of forecast, on which spending is based, amounts to surplus. The surplus came on $5.3 billion in net revenue after mandatory offsets, or $6.55 billion in gross revenues. The gross was $100 million more than the previous fiscal year.

The last month of the year was particularly robust, with net revenues $25.7 million, or 4.7 percent, higher than forecast and 5.5 percent more than last year. A big decline in tax refunds and a 4.1 percent year-to-year increase in sales taxes helped.


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