State Budget Holds $44.2 Million Surplus As Fiscal 2018 Nears End

As Arkansas budget officials wind down the end of fiscal 2018, Gov. Asa Hutchinson gave a “solid” rating to the state’s economy Monday  as revenue collections came in just above forecast through the end of May.

In the state’s monthly revenue report from the Department of Finance and Administration (DFA), fiscal officials reported that state budget coffers eked out a tidy $44.2 million surplus, which is 0.9% above forecast. That tally, which is slightly below the $54 million leftover tax collections in April, still puts Arkansas “in a solid position entering the final month of fiscal year 2018” that ends on June 30, Gov. Hutchinson said.

“From a significant increase in motor vehicle sales to a retail sector up more than 6.5%, this report includes several indicators that reflect the strength of Arkansas’s economy.  In addition, income tax withholding was 5.1% higher in May, signifying job growth.”    MORE

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