Arkansas revenue outpacing 2024 proceeds in September Department of Finance and Administration report

LITTLE ROCK, Ark. – The September report from the Arkansas Department of Finance and Administration shows net revenue is above what it was this date a year ago, despite a drop in September’s income.

The report shows net available general revenue for the fiscal year at $1,762.4 million, which is $27.1 million, or 1.6%, above what it was at this time last year, according to the monthly report. This is despite net revenue for September being $636.3 million, or 8% lower than a year ago.

Net revenue is derived from gross revenue, which totaled $2,016.6 million for the year and $726.6 million for the month, respectively, after deducting items such as returns and discounts. These figures indicate that the fiscal year’s gross is 0.6% higher and the monthly gross is 0.1% above forecast.

The report’s author stated that net available general revenue was close to the forecast, as gains in individual income tax and sales & use tax offset lower corporate income tax collections. Smaller revenue sources were at or above the forecast, the report stated.

Individual income tax collections totaled $331.7 million for September, a decrease of $34.3 million, or 9.4%, compared to the same period a year earlier. Sales and use tax for the month was $286.7 million, above projections by $2.4%.

Corporate income tax revenue for September was $76.4 million, which was $20 million below forecast and a $25.9 million drop from the year prior.

The Arkansas fiscal year begins on July 1, making September the third month of the state’s fiscal year.