August Numbers Reflect Increase in State Revenue
Revenue collections for August rank above forecast, according to reports by the Arkansas Department of Finance & Administration.
Officials said Wednesday that last month's net available revenue exceeded $387 million, reflecting a 5.1 percent increase from August 2012 and placing numbers $5.7 million above forecast.
State economist John Shellnutt said August's numbers were a result of several factors, including sales tax audit payments and a higher rate of corporate income tax collections. Statistics also indicated a weakness in collecting individual income tax.
"I think it will take additional reporting periods to determine whether this weakness is part of a trend or a temporary payroll-timing issue," Shellnutt said.
The fiscal year, which started July 1, has already generated $798 million, marking a 1.7 percent increase from previous projections.