Arkansas Revenue Above Forecast, Below Last Year
Arkansas finance officials say the state's revenue came in below last year's figures but slightly above forecast in January, despite sales tax collections missing their target.
The Arkansas Department of Finance and Administration said Tuesday that the state's net available revenue in January totaled $483.6 million. That's $32.5 million below last year and $7.4 million above forecast.
The state's revenue for the fiscal year that began July 1 is above forecast by $39.6 million. The figures were boosted by individual income tax refunds being below forecast because of a delayed start to the income-tax filing season.
The department said it expects refunds to catch up with projections later this year. Sales-tax collections totaled $178.6 million, which was $300,000 above last year but $7.4 million below forecast.