Arkansas' general revenue surplus reached $1.628 billion in 2022 fiscal year that ended June 30, the state Department of Finance and Administration reported Tuesday morning.
That's a record general revenue surplus in a fiscal year, outdistancing the $945.7 million surplus in fiscal 2021 that ended June 30, 2021.
Gov. Asa Hutchinson on Tuesday afternoon announced his intent to call a special session of the Legislature the week of Aug. 8.
"Today, I am announcing I will call a special session of the General Assembly to reduce the rate of our tax collection," he said in a news release.
"The specific items on the call in addition to tax relief will be announced at a later time as further discussions are held with the General Assembly.”
Hutchinson has repeatedly brought up in the past three months the possibility of calling a special session to provide more tax relief to Arkansans struggling with inflation, including the rising costs of food and gasoline.
The state's record general revenue surplus in fiscal 2022 is due in part to a stronger than expected economy in Arkansas and a general revenue forecast that anticipated deceleration from an economy fueled by federal stimulus, said state's chief economic forecaster John Shelnutt.
The state's total general revenue collections in fiscal 2022 increased by $652.1 million or 8% above fiscal 2021 collections to $8.77 billion, the finance department reported.
Tax refunds and some special government expenditures are taken off the top of total general revenue collections, leaving a net amount that state agencies are allowed to spend up to the maximum amount set in the state's Revenue Stabilization Act.
The state's net general revenue collections increased by $632.1 million or 9.2% above fiscal year 2021 to $7.4 billion, according to the finance department.