Arkansas accumulates nearly $1 billion budget surplus

 Arkansas has accumulated a nearly $1 billion budget surplus for the fiscal year more quickly than expected, state finance officials said last week.

The Department of Finance and Administration said the state’s net available revenue for the fiscal year, which began July 1, totals $6.1 billion. That’s almost $988 million more than forecast and $736 million higher than at the same point last year.

Gov. Asa Hutchinson last month said he was considering calling a special session to look at uses for the surplus after finance officials said they expected it to hit $1 billion by the end of the fiscal year.

Those possible uses include expanding broadband access in the state, additional school facility funding needs because of inflation and further tax relief.