LITTLE ROCK, Ark. – The May revenue report for Arkansas shows a projected budget surplus through year-end, despite revenues being below this time last year.
Based on revenue figures, the report stated that on May 17 the state’s Department of Finance and Administration revised the expected year-end revenue surplus to $1.03 billion. The report was released on Friday.
The report showed that the state’s net available revenue for the year-to-date was $6,414.5 million. According to the report, this amount is above the revised forecast by $18.5 million, or 0.3%.
Despite the good news of over-projection revenue, the DFA reported the year-to-date figure is 4.2% below revenues for the 2022 fiscal year.
The report noted that the Educational Adequacy Fund was established to meet financial obligations for providing an adequate education system in Arkansas. For May, the fund had a net deposit of $68.6 million.
Tobacco Tax revenues for May totaled $17.8 million. DFA reported this was below revenues earlier in the year, but above forecast by $600,000.