LITTLE ROCK, Ark – As the state of Arkansas closes the book on its business year, officials say it has built up a billion-dollar-plus nest egg.
Figures released July 5 by the Department of Finance and Administration show the Natural State’s fiscal year ended June 30 with a $1.628 billion surplus for 2022.
The Arkansas Revenue Stabilization Act, passed in 1944, prohibits deficit spending, so state officials must forecast out their expenses and income each year.