The Arkansas Department of Finance and Administration reported July net available general revenue of $527.7 million, down $25.6 million, or 4.6%, from the same month a year ago.
The figure was above forecast by $2.8 million, or 0.5%.
In the first month of the fiscal year, gross general revenue totaled $614 million, a decrease of $27.5 million, or 4.3%, from last year. Collections were above forecast by $1.8 million, or 0.3%.
Sales tax collections came in at $290.1 million, up $7.8 million, or 2.8%, from July 2023. The category was above forecast by $2.9 million, or 1%.
Individual income tax collections totaled $247.4 million, a decrease of $28.7 million, or 10.4%, compared to a year ago. Compared to the monthly forecast, collections were higher by about $100,000, or 0.1%. Individual withholding tax revenue decreased by $23.6 million, reflecting the effects of payday timing and recent tax cuts.
Corporate income tax collections, which typically include some degree of variability, totaled $23 million, a decrease of $8.3 million from year ago and $3.3 million below forecast.
Among smaller revenue sources, tobacco tax collections in July totaled $17.1 million, higher than a year ago by about $300,000 and above forecast by about $900,000.
Gaming tax revenue came in at $6.3 million, higher than July 2023 and above forecast by about $200,000.
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