Icon (Close Menu)

Logout

Corrected: State Revenue in December 7.3% Above Forecast

1 min read

The state Department of Finance and Administration said Tuesday that December net available general revenue was $530 million, $17.2 million below December 2019 and $36 million — or 7.3% — above forecast.

Year-to-date net available general revenue was $322 billion, 8.7% above the same time last year and 11% above forecast. The department said the results include net collection increases tied to the income tax due date shift from July to April in the previous fiscal year.

Arkansas’ current fiscal year began July 1.

More: See the complete report.

All major collection categories were above forecast last month.

December sales tax collections came in at 2.1% above the same month last year and 2.3% above forecast.

The report said individual income tax collections for the month were $19.9 million above forecast, and corporate income tax collections were $18.3 million above projections.

The December report continues to show Arkansas collections ahead of forecast. The forecast had been revised on March 23 because of the COVID-19 pandemic; it was revised again, on June 30, up by $240 million.

The department previously reported that total collections were 12.5% ahead of forecast for November, 18% ahead in October, 12% ahead in September, 9.2% ahead in August and 8.6% ahead in July.

(Correction: A previous version of this article reported that monthly collections were up year-over-year. They were down. The error has been corrected.)

Send this to a friend