LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state has ended the fiscal year with a $295 million budget surplus, and nearly $74 million of that will go toward highway needs.
The Department of Finance and Administration on Tuesday said the state’s net available revenue collection for the fiscal year totaled $5.9 billion, which was $426.5 million higher than the previous year and $231.2 million above forecast. Arkansas already had a $64 million surplus that was included in the state’s budget.
Arkansas’ fiscal year ended on Sunday.
Twenty-five percent of the surplus will be transferred to the state Department of Transportation, while the rest will go toward reserve funds for other needs.
The department says the state ended the year above forecast because of high growth in individual and corporate income tax collections.