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Report: October State Revenue Up 5 Percent

1 min read

Arkansas’ October net available general revenue collections totaled $435.4 million, up $20.9 million or 5 percent from the same month last year, according to a report released Friday by the state Department of Finance and Administration.

The results were $24.1 million, or 5.9 percent, above forecast. But most of the major revenue collection categories were below forecast, the report said.

Individual income tax collections, at $252.4 million, were down by less than 1 percent year over year, but $3.7 million above forecast. Refunds were down 14.7 percent from the same month last year and 17.7 percent below forecast.

Sales and use tax collections were $199.7 million, up 4.6 percent from the same month last year, but $2.4 million below forecast, due in part to lower utility sales tax collections.

Corporate income tax collections for the month were $21.4 million, up $100,000 year over year, but $1.5 million below forecast. Refunds were down $2.5 million from the same month last year and $15.4 million below forecast.

In addition, smaller revenue sources were above forecast, including tobacco tax revenue, which was $1.6 above forecast, and gaming tax revenue, which was $100,000 above forecast.

Year to date, net available general revenue reached $1.9 billion, 6.4 percent above the same month last year and 3.1 percent above forecast.

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