Arkansas Officials Update Revenue Forecast

May 6, 2015

Arkansas officials have revised upward the state's general revenue forecast for the current fiscal year by 2.1 percent from a forecast in November.

Department of Finance and Administration officials presented the revised forecast Wednesday to the legislative Joint Committee on Economic and Tax Policy. The forecast predicts a net revenue increase for the fiscal year ending June 30 of about $129 million or 2.6 percent over fiscal year 2014 revenues.

The November forecast was for an increase of about $24.6 million or 0.5 percent above fiscal 2014.

DFA officials said Wednesday that the numbers don't include the most recent monthly revenue report for April, where the state saw an unexpected increase in revenues attributed to a surge in tax collections.