Arkansas ends fiscal year with $78.7M surplus
By ANDREW DeMILLOAssociated Press
LITTLE ROCK, Ark. (AP) - Arkansas' finance office says the state ended the fiscal year with a nearly $79 million budget surplus.
The Department of Finance and Administration reported Wednesday that the state's net available revenue for the fiscal year that ended June 30 totaled $5.02 billion. That's $4.5 million lower than the previous year, but $78.7 million higher than originally forecast.
The report means lawmakers will have more than $174 million in one-time money for various needs next year.
Officials said the state's individual income tax collections came in below last year's figures, but higher than forecast. They also said the state paid out less in income tax refunds than originally forecast.
The state's sales tax collections for the fiscal year came in lower than forecast, but above the previous year's figures.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.