Sales Tax Collections Boost Arkansas Revenue In May
The state's revenue picture is getting rosier. Finance officials say a boost in sales tax collections helped keep the revenues for Arkansas above expectations last month.
The Arkansas Department of Finance and Administration said Tuesday the state's net available revenue in May totaled $334.2 million. That's $2 million below the same month last year, but $8.4 million above forecast.
The state's year-to-date revenue total $4.4 billion, which is $172.4 million above forecast. Arkansas' fiscal year ends June 30.
The revenue in May was mainly driven by sales tax collections, which totaled $183.9 million. That's $12 million above last year and $4.7 million above forecast.
Individual income tax collections totaled $201.1 million, which was $4.8 million below last