Post by Logan on Jul 7, 2016 2:28:03 GMT -6
Asa Hutchinson touts $177 million surplus in Arkansas revenue
LITTLE ROCK — Arkansas ended the 2015-16 fiscal year with a $177 million surplus, which Gov. Asa Hutchinson said Tuesday is an encouraging sign for his goal of cutting taxes further next year.
Net available general revenues for the fiscal year that ended June 30 totaled $5.37 billion, which was $117.3 million, or 2.2 percent above the previous year and 2.7 percent above forecast, according to a report released Tuesday by the state Department of Finance and Administration.
The agency said the state ended the year with a surplus of $177.4 million and said all parts of the state budget approved by the Legislature and governor last year were fully funded.
"This is a significant surplus that's a result of proper budgeting — perhaps you could say conservative budgeting, but that's the pattern we always follow in Arkansas — and then secondly, a growing economy," Hutchinson told reporters at the state Capitol. "I am particularly delighted with the income tax collections."
Read more: swtimes.com/news/asa-hutchinson-touts-177-million-surplus-arkansas-revenue
LITTLE ROCK — Arkansas ended the 2015-16 fiscal year with a $177 million surplus, which Gov. Asa Hutchinson said Tuesday is an encouraging sign for his goal of cutting taxes further next year.
Net available general revenues for the fiscal year that ended June 30 totaled $5.37 billion, which was $117.3 million, or 2.2 percent above the previous year and 2.7 percent above forecast, according to a report released Tuesday by the state Department of Finance and Administration.
The agency said the state ended the year with a surplus of $177.4 million and said all parts of the state budget approved by the Legislature and governor last year were fully funded.
"This is a significant surplus that's a result of proper budgeting — perhaps you could say conservative budgeting, but that's the pattern we always follow in Arkansas — and then secondly, a growing economy," Hutchinson told reporters at the state Capitol. "I am particularly delighted with the income tax collections."
Read more: swtimes.com/news/asa-hutchinson-touts-177-million-surplus-arkansas-revenue