Arkansas Starts Fiscal Year With Revenue Above Forecast

Aug 2, 2017

Arkansas has started its fiscal year with the state's revenue coming in higher than expectations and above what was collected the same month last year.

The Arkansas Department of Finance and Administration on Wednesday said the state's net available revenue in July totaled $454.5 million, which was $53.8 million above July 2016 and $10.5 million above forecast.

The department said individual and corporate income tax collections were above forecast and the same month last year. Sales tax collections were slightly below forecast but ahead of July 2016.

An annual deposit to general revenue from the state auditor's office added $21.4 million, higher than the $20 million the department had expected.