Arkansas revenue falls below forecast, shutdown blamed
LITTLE ROCK, Ark. (AP) — Arkansas’ finance office says the federal government shutdown is partly to blame after the state’s revenue fell below forecast last month.
The Department of Finance and Administration said Monday the state’s net available revenue in February totaled $321.5 million. That’s $8.1 million above the same month last year but $9 million below forecast. The state’s net revenue so far for the fiscal year that began July 1 totaled $3.7 billion, which is $5.1 million below forecast.
The department says individual income tax collections reflect reduced payroll withholding receipts that are partly attributable to the shutdown that ended in late January. Individual income tax collections in February were above the same month last year but below forecast.
February sales tax collections were below the same month last year and below forecast.