Arkansas ended its fiscal year on Sunday with a $295 million budget surplus.
According to the Arkansas Department of Finance and Administration, Arkansas already had a $64 million surplus included in the yearly budget. That money will be divided between the Restricted Reserve Fund and the Arkansas Highway Transfer Fund.
Most of the remaining $231 will be put in the General Revenue Allotment Reserve Fund.
The year reportedly ended 4.1 percent above forecasts due mostly to growth in individual and corporate income tax collections and lower than expected deductions from the gross revenue. Sales tax collections were below forecast and only just above last year’s levels.
Fiscal year 2019 saw net available general revenue collections of $5,921 billion, which was a 7.8 percent increase from last year. Individual income tax revenue rose 4.8 percent in the past year, and corporate income tax revenue went up 40.2 percent from fiscal year 2018.