Arkansas Starts Fiscal Year Below Forecast
Arkansas finance officials say sluggish corporate and sales tax collections pushed the state's revenue below forecast and the same month last year as it began the fiscal year.
The Arkansas Department of Finance and Administration on Monday said the state's net available revenue totaled $403.1 million, which is $7.1 million below the same month last year and $9.8 million below forecast. Arkansas' fiscal year began July 1.
Corporate income tax collections totaled $18.4 million, which was $8.5 million below July 2013 and $9.7 million below forecast. Sales tax collections totaled $185.5 million, which was $500,000 below July 2013 and below forecast by $7.6 million.
Officials said they were encouraged by individual income taxes being on forecast and an increase in withholding.