Arkansas ended fiscal 2011 with an extra $93.9 million in its accounts, the first surplus in the last three fiscal years.
Net revenue totaled $4.57 billion, the Department of Finance and Administration said last week.
The total was $250 million more than in fiscal 2010 and $93.9 million more than expected in April’s official forecast.
Individual income tax collections of $2.74 billion in fiscal 2011 were $62.2 million above the forecast and $160 million more than in fiscal 2010.
Sales tax collections in fiscal 2011 totaled $2.07 billion, about $11 million less than expected.
Gov. Mike Beebe said the latest revenue report was “really, really, really good news.”
Beebe told a Little Rock civic club that June revenues were healthier than expected. That helps because the state typically underestimates collections for the final months of a fiscal year to avoid unexpected shortfalls.
“We under-forecast every June; that’s just part of what you do. You under-forecast every June because that’s your last month,” Beebe said. “If you mess up in the last month, there’s no place, there’s no leeway, there’s no flexibility to get it back.”
June revenues of $473.8 million were $75.2 million more than expected and $55.5 million more than collected in June 2010.