Arkansas August revenues above projections in latest report

LITTLE ROCK, Ark. – August revenues for Arkansas were $49 million above forecast in the latest Department of Finance and Administration report.

The $49 million is 8.1% above forecast, the report states, while total general revenue intake is 8% above the same time last year at $653.1 million.

The report continues that net available general revenue, reflecting general revenue after accounting for various deductions and specific requirements, was $568.7 million for the month, 10.2% higher than a year ago and 8.9% above forecast.

The report’s authors attributed the increases to above-forecast revenue in individual and corporate income tax of $263.1 million and $5.5 million, respectively, in what was usually a low collection month in those two categories. They also stated that sales tax collections of $322.9 million were above forecast and year-ago levels.

Tax refund claims were above forecast in the corporate category at $4.3 million and below forecast in the individual category at $13.8 million, the report states.

August is the second month of the Arkansas fiscal year. Net available general revenue for the year is currently $1.126 billion