Arkansas finance officials say a boost in corporate and individual income tax collections helped the state's revenue rebound in October after three months of losses this fiscal year.
The Department of Finance and Administration said Wednesday the state's net available revenue in October totaled $439.1 million, which was $33.2 million above the same month last year and $8.9 million above forecast. The state's revenue so for the fiscal year that began July 1 totaled $1.7 billion, which is $23.2 million below forecast.
DFA said corporate income tax collections last month were $17.9 million above forecast and individual income tax collections were $2.1 million above forecast. Sales tax collections were $3.7 million below forecast.
Gov. Asa Hutchinson next week plans to announce his budget proposal for the next fiscal year.