DALLAS — Arkansas ended its fiscal year June 30 with a nearly $192 million surplus, according to the Department of Finance and Administration.
Net available general revenue collections for the fiscal year totaled $5.25 billion, which was $191.6 million above budgeted distributions for the year and $228.1 million, or 4.5%, above the previous year's collections, according to the report.
"All categories of the general revenue budget were funded during the year," the agency said in a news release. "The fiscal year ended above forecast and above the budgeted amount as a result of improving growth in gross revenue (collections) and lower-than-expected payouts from income tax refunds and other deductions. One-time deposits also influenced year-ago comparisons."
The one-time deposits included $14.4 million from the attorney general's office and $51.1 million from the state Insurance Department.
"I am pleased with these numbers, because they indicate a growing confidence in Arkansas' economy," Gov. Asa Hutchinson said in a prepared statement. "Our conservative budgeting philosophy will not change as we continue to look for ways to grow our economy and meet the needs of our state."
Sales tax collections of $2.2 billion were up $24.6 million, or 1.1%, from the previous year and $14.9 million, or 0.7%, below forecast.
The agency said growth in sales tax collections accelerated in the final quarter, but the results also reflected one-time refunds of sales taxes that were collected on sand and other material used in hydraulic fracturing for natural gas drilling.
The Arkansas Supreme Court ruled last month that the Department of Finance and Administration had collected the tax improperly because the materials are exempt from taxation under a state law that excludes industrial equipment from the state sales tax.
Individual income tax collections for fiscal 2015 totaled $3.19 billion, which was $77.3 million, or 2.5%, above fiscal 2014 collections and $67.4 million, or 2.2%, above forecast.
Corporate income tax collections for fiscal 2015 totaled $493.1 million, which was up $52.9 million, or 12%, from the previous year and $16.1 million, or 3.4%, above forecast.
