Arkansas ended fiscal 2018 with $41.7 million above forecast, as revenues were buoyed by stronger-than-expected individual income tax collections, according to the annual revenue report released Tuesday.
Gross collections by the state totaled $6.76 billion during the fiscal year, which ended Saturday. That total was about 2.7 percent more than was collected in the previous fiscal year, according to the report.
Still, gross general revenues over the year fell slightly below forecast, but deductions were also down, meaning the state ended the year with higher net available revenues than it had budgeted for.
Department of Finance and Administration Director Larry Walther, who presented the report Tuesday, said it was indicative of a strong economy and better wages for Arkansans.
Read Wednesday's Arkansas Democrat-Gazette for full details.