State ends budget year with $191.6 million net surplus | Arkansas Blog

State ends budget year with $191.6 million net surplus

by

3 comments
The monthly state report on tax revenue shows the state ended its fiscal year June 30 with net revenues of $5.25 billion, or $228.1 million more than the previous year. The state was left with a surplus of $191.6 million, swollen by some $65 million in one-time contributions in June from a major lawsuit settlement ($14 million) and $51 million from the Insurance Department.

Gross collections for the year (the amount before automatic deductions for certain specified purposes, including state offices) were $6.47 billion, or 3.7 percent more than the previous year and 1.1 percent more than forecast.

Without that one-time money, net revenue in June would have fallen below net revenues in the same month a year ago. (But revenue also took a one-time lick, too, about $28 million in refunds as a result of an adverse ruling against the state on a tax that had been assessed on sand used in fracking for natural gas.) State income tax cuts will  hold down revenue in coming months and the surplus will help pay for that. The big boost from the Insurance Department came from a 2015 legislative change to capture more money from the department's trust fund built by licensing fees than otherwise would have been possible under the old formula.

Here's the full report for the year.


From the ArkTimes store

Comments (3)

Showing 1-3 of 3

Add a comment
 

Add a comment

Clicky