Arkansas' Revenues Above Forecast in July
The Arkansas Department of Finance and Administration says the state started off its fiscal year above forecast by nearly 2 percent.
The agency said Friday that net available revenue for July totaled $410.2 million - or 1.9 percent above forecast. The total is $6.4 million, or 1.6 percent, above last year's numbers.
Arkansas' fiscal year began July 1.
The agency says July saw mixed results, with a drop in individual income tax but an increase in corporate income tax and sales tax. The agency says the timing of payday can cause some monthly swings in the state's financial results.
According to the department, sales and use tax collections were "encouraging" at 4.5 percent growth over last year. The agency says the sales tax increase includes "high growth" from motor vehicles.