LITTLE ROCK, Ark. (AP) – Arkansas finance officials say the state’s revenue in October was above both expectations and the same month last year.
The Department of Finance and Administration said Friday the state’s net available revenue in October totaled $435.4 million. That’s $20.9 million above the same month a year ago and $24.1 million above forecast.
Arkansas’ net revenue so far for the fiscal year that began July 1 totals $1.9 billion, which is $57.5 million above forecast.
The department says tax refunds, mainly from corporate income tax filings, were significantly lower than expected in October.
The state’s individual income tax collections were lower than October last year, but above the forecast. Sales tax collections were above the same month last year, but below forecast due in part to lower utility sales tax collections.
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