The Arkansas revenue collection report for April 2022, which reached over $1 billion for the first time, was the largest month of revenue collection in state history, according to the Arkansas Department of Finance and Administration.
Net revenue collection in April totaled $1.1 billion, $345.7 million above April 2021 and $531.9 million above the state’s economic forecast for the month. Revenue collection is $987.9 million above the state’s annual forecast with two months remaining in FY 2022.
In a statement following the release of the April Revenue Report, Governor Asa Hutchinson said while the state’s economy “is booming” thanks to increased prices of consumer goods, there “is a need for caution” looking ahead toward an end of the year surplus, due to an unstable national economic outlook, and that “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.”
He added that although it is too early to make an official decision, he does not anticipate calling a special session before June 30, 2022 in response to the results of the report.
The April 2022 Monthly Report can be viewed HERE.
The Year to Date Report can be viewed HERE.
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