Arkansas ends fiscal year with $295 million budget surplus
LITTLE ROCK, Ark. — 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.
Read more: http://www.texarkanagazette.com/news/arkansas/story/2019/jul/02/arkansas-ends-fiscal-year-295-million-budget-surplus/785013/