On Tuesday, May 3rd, the Arkansas Department of Finance and Administration (DFA) released its April revenue collection report. The report showed April to be the largest month of revenue collection in state history with net collections for April at $1.125 billion, which was $345.7 million above April 2021 and $531.9 million above the state's economic forecast for the month. More below from the office of Governor Asa Hutchinson, who called for a return of some of the surplus to Arkansas taxpayers.
More below:
State Revenue Reaches Historic Level in April
Monthly collection surpasses $1 billion for the first time
LITTLE ROCK – The Arkansas Department of Finance and Administration (DFA) today released the state revenue collection report for April, which was the largest month of revenue collection in state history.
Revenue collection (net collection) in April totaled $1.125 billion, $345.7 million above April 2021 and $531.9 million above the state’s economic forecast for the month.
This is also the first month in which overall collection reached $1 billion.
With two months remaining in Fiscal Year 2022, revenue collection is $987.9 million above the state’s annual forecast.
Governor Asa Hutchinson released the following statement today on the April Revenue Report:
“First, the state’s economy is booming, and the higher prices of consumer goods have increased the states revenue more than expected.
"Second, the national economic outlook has significant uncertainty, and there is a need for caution as we look at options for the end of the year surplus.
"Third, the taxpayers need and deserve at least a portion of the surplus to be returned to them because the state should not be generating this large of a surplus.
"As to the likelihood of a special session, the revenue report increases the possibility of one, but it is too early to make that decision. I do not anticipate calling a special session before June 30, 2022.
"As to the need for a session because of the anticipated Supreme Court ruling on the Mississippi abortion case, it will be necessary to wait for the final ruling to know whether additional legislation will be needed. The draft decision leaked to the media would not require new laws to be passed since Arkansas has a 'trigger' law that would ban abortions except to save the life of the mother if Roe v. Wade is reversed.”
The April 2022 Monthly Report can be viewed HERE.
The Year to Date Report can be viewed HERE.