LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state’s revenue in August surpassed the same month last year and expectations after an increase in tax collections.
The Department of Finance and Administration on Wednesday said net available revenue in August totaled $434.1 million, which is $28.1 million above the same month a year ago and $9 million above forecast. The state’s net available revenue for the fiscal year that began July 1 is $18 million above forecast.
The department says all major revenue collection categories in August were above forecast. Individual income tax collections were $11.5 million above the same month last year and $4.7 million above forecast. Sales tax collections were $10.8 million above the same month last year and $200,000 above forecast.