The state's revenue collections continued to look dismal in October, dropping 11.1 percent in all the major revenue categories from last year, according to Arkansas Department of Finance & Administration figures released Tuesday
Last month, after a 14 percent drop in September's revenue, Gov. Mike Beebe ordered $100 million worth of cuts in the state budget.
Net available general revenue last month was $313.5 million, which is $39 million or 11.1 percent below last year and $17.8 million or 5.4 percent below the general revenue forecast that was released on Oct. 20.
Gross general revenue collections in October totaled $392.3 million, down $31.6 million or 7.4 percent below last year and $15.4 million or 3.8 percent below forecast.
Individual income tax collections of $191.3 million declined by $4.9 million or 2.5 percent, compared to last year and were $3.4 million or 1.7 percent below forecast.
Gross receipts collections - which include the sales, use, 10 percent mixed drink, 3 percent beverage excise, vehicle rental, short-term rental, residential moving, and wholesale vending taxes - were off 8.4 percent to $163.1 million, a decline of $15 million and were below monthly forecast levels by $6.9 million or 4.1 percent.
October's corporate income tax collections total $10 million, a decrease of $18.7 million or 65.1 percent from year earlier levels, and $3.9 million or 27.5 percent below forecast.
Now four months into the state's fiscal year, net available general revenue totals $1.48 billion, which is $78.6 million or 5.1 percent below last year and $17.8 million or 1.2 percent below the revised general revenue forecast.
Corporate income is below forecast the most at 4.5 percent, the ADF&A report said, led by declines in estimated payments. Gross receipts are down by $6.9 million, because of a combination of weak consumer sales, business-to-business sales, and weather effects. Individual income tax collections are also down.
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