Arkansas’ surplus for the fiscal year is approaching $1 billion, the state’s finance office said Wednesday, as it reported a major boost in income and sales tax collections.
The Arkansas Department of Finance and Administration said the state’s net available revenue for the fiscal year that began July 1 totals $6.1 billion, which is $980 million higher than forecast. The state’s revenue is $941 million more than the same point last year.
The state’s net revenue in May totaled $655 million, which is $289 million more than the same month last year and $263 million above forecast.
The state’s revenue collections were above forecast in all major categories, the department said.
The latest figures comes as Gov. Asa Hutchinson is pushing for an income tax cut that he wants lawmakers to take up in a special session this fall. The Republican governor touted the surplus, saying it shows the state can afford another reduction.
“This shows we can fund education, raise teacher pay and protect public safety at the same time we are lowering our tax rate,” he said in a statement.
Read the full story on the Arkansas Business website here.