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State Ends Fiscal Year With $946M Surplus, Above Forecast

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The state’s fiscal year ended Wednesday, leaving Arkansas with a nearly $946 million surplus and net available general revenue of $6.8 billion, the state Department of Finance and Administration said Friday.

That revenue was up 19% year-over-year and 20.4% above forecast. The state’s next fiscal year began Thursday.

In addition, the forecast was revised for a third time, the department said. It was revised up by $212.3 million, to $5.9 billion, on June 30. The forecast was revised previously, on March 23 because of the COVID-19 pandemic and again on June 30, 2020.

The fiscal year ended with all major collection categories being above forecast.

Sales tax collections were up 13.4% year-over-year and 12.2% above forecast. The department said collections exceeded expectations because the economy rebounded and stimulus packages gave it a boost. Online sales also increased, the department said. The state began taxing such sales on July 1, 2019.

Corporate income tax collections were up 35.2% year-over-year and 45.1% above forecast.

Individual income tax collections were up 16.1% year-over-year and 18.2% above forecast.

June net available general revenue was $740.6 million, $150.9 million above June 2020 and $178 million — or 31.6% — above forecast.

June sales tax collections came in at 12.9% above the same month last year and 7.9% above forecast.

Corporate income tax collections were up 81.7% year-over-year and 64.1% above forecast.

Individual income tax collections were up 8.8% above the same month last year and 27.5% above forecast.

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