Arkansas revenue falls $36M below projections for year
LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state’s revenue for the fiscal year so far has fallen $36 million below forecast after a drop in corporate and sales tax collections.
The Department of Finance and Administration on Thursday said the state’s net available revenue for October totaled $414.5 million, which is $24.5 million below the same month last year and $38.5 million below forecast. The state’s net available revenue for the fiscal year, which began July 1, totals nearly $1.8 billion.
The state’s individual income tax collections in October were below the same month last year, but exceeded the forecast. Corporate income tax collections in October were $17.2 million below forecast, while sales tax collections were $15.9 million below forecast.