The Arkansas Department of Finance and Administration reported net available general revenue of $516 million for August, marking a decrease of $1.6 million, or 0.3%, compared to the same month last year.
The figure was $9.9 million, or 2%, above forecast.
Gross general revenue for August totaled $604.6 million, which is $8.6 million, or 1.4%, lower than the previous year but $11.8 million, or 2%, above the forecast. The year-over-year decrease in gross revenue was largely attributed to reduced individual and corporate income tax collections.
Sales and use tax collections amounted to $307 million, up $14.8 million from last year. Collections in the category were $12.1 million, or 4.1%, above forecast levels. Retail sector collections were up by 5% compared to the previous year.
Individual income tax collections for August came to $237.9 million, a decrease of $18.7 million, or 7.3%, from the previous year. Compared to the forecast, collections were $4.4 million, or 1.9%, higher.
Individual withholding tax revenue saw an increase of $2.6 million, or 1.2%, compared to last year. Individual income tax refunds totaled $18.7 million, which was $2.8 million less than last year and $0.5 million below the forecast.
Corporate income tax collections totaled $4 million, down $5.3 million from the previous year and $4.6 million below forecast. Corporate income tax refunds totaled $5.1 million, lower than the $5.8 million collected a year ago ago and $2.2 million above forecast.
Among smaller revenue sources, tobacco tax collections totaled $15.5 million, a decrease of $1.6 million from the previous year and about $900,000 below forecast.
Gaming tax revenue was $4.1 million, down from $4.2 million but in line with the forecast.
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