The state revenue report
for the year ending June 30 showed the state ended with a $15.7 million surplus with strong sales and income tax results the last two months putting the state in the black.
Gov. Asa Hutchinson had ordered a $70 million reduction in the forecast for the last two months, then restored $60 million. Revenue in excess of forecast
, on which spending is based, amounts to surplus. The surplus came on $5.3 billion in net revenue after mandatory offsets,
or $6.55 billion in gross revenues. The gross was $100 million more than the previous fiscal year.
Here's the full report.
The last month of the year was particularly robust, with net revenues $25.7 million, or 4.7 percent, higher than forecast and 5.5 percent more than last year. A big decline in tax refunds and a 4.1 percent year-to-year increase in sales taxes helped.