Arkansas’s net revenue came in slightly above forecast for the month of November, and exceeded net figures from the same period last year. But gross collections for the month were down.
The state Department of Finance and Administration said Friday that five months into fiscal year 2017, net revenue has totaled $2.15 billion, which is 1.7 percent above year ago levels but 0.5 percent below the agency’s forecast. The agency reported that gross revenues for the fiscal year came to about $2.5 billion, 0.9 percent above year ago levels but 0.8 percent below forecast.
The state took in $380.7 million in net revenue in November, 1.6 percent above the same period last year and 3.4 percent above forecast. However, gross collections for the month totaled $448.5 million , below year-ago levels by 3.1 percent and 1.0 percent below the agency’s forecast.
The DF&A reports that corporate and individual income tax collections were strong for November, but sales tax collections continued to lag.
The complete November FY2017 revenue report is available here.