LITTLE ROCK, Ark. (AP) – Arkansas has racked up a budget surplus of nearly $1 billion for the fiscal year faster than expected, state finance officials said Tuesday.
The Department of Finance and Administration said the state’s net disposable income for the fiscal year, which began July 1, was $6.1 billion. That’s $987.9 million more than expected and $736 million more than at the same time last year.
Governor Asa Hutchinson said last month he was considering calling a special session to consider uses of the surplus after finance officials said they expected it to reach $1 billion. by the end of the fiscal year.
These possible uses include expanding broadband access in the state, additional funding needs for school facilities due to inflation, and other tax relief.
The department said the state’s net disposable income in April was $1.1 billion, up $345.7 million from the same month last year and nearly $532 million. dollars more than expected. Personal and corporate income tax collections from the state were higher than the same month last year and higher than expected.
Sales tax collections in April were lower than the same month last year, but higher than expected.
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