State surpasses revenue forecast in November

Higher-than-expected individual income tax collections contributed to Arkansas' state government surpassing its revenue forecast in November, according to a monthly report released Monday.

The state took in $457.8 million last month, according to the revenue report, which was $9.4 million more than revenues during the same month in 2016, and 0.4 percent above expectations.

The largest pot of collections, $210.4 million from individual sales taxes, was above the state’s projections. But sales and use tax collections fell 1.4 percent short of the forecast with $189.6 million collected.

November was the fifth month of the fiscal year 2018, which began in July. To date in the fiscal year, the state is 0.8 percent below its forecast for revenue collections, which total more than $2.5 billion.

Last week, Gov. Asa Hutchinson’s administration lowered its projections for tax collections by $22.1 million for the entire fiscal year.

Read Tuesday's Arkansas Democrat-Gazette for full details.

Log in to comment