(Little Rock) (AP) – Arkansas finance officials are predicting the state will end the next fiscal year with a $13.8 million surplus.
The Department of Finance and Administration on Wednesday released its revised forecast for the current and next fiscal year. The agency revised the forecast for the current year upward by $38.2 million and next year’s by $10 million. Arkansas’ fiscal year begins July 1.
The department said the revised forecast factors in about $10 million in revenue the state will lose in the coming fiscal year through a package of tax cuts lawmakers approved during this year’s session.
The $4.9 billion forecast for the coming fiscal year is expected to fund all three categories of the state’s budget and an $18.9 million “Rainy Day Fund,” with a $13.8 million in surplus left.