Fiscal 2019 Ends With $295 Million Surplus

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Arkansas budget coffers overflowed with a surplus of nearly $300 million at the end of fiscal year 2019 but state tax officials are budgeting conservatively for the next 12 months because of a slowing economy and the elimination of one-time factors that boosted revenues over the past year.

For the 12-month period ended June 30, net available revenue was rose a robust 7.8% or $426.5 million to $5.921 billion, and up $231.2 million, or 4.1%, above the budget forecast, according to Tuesday’s (July 2) revenue report from the Arkansas Department of Finance and Administration.

Gross tax revenue for fiscal year 2019, a broader economic indicator that includes collections from all available categories, totaled nearly $7.144 billion at the end of June, up 6.2% or $4.17.3 million compared to the same period in 2018 and 3.3% or $226.1 million above the budget forecast.      MORE

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