Arkansas finance officials say higher than expected sales tax collections helped keep the state’s revenue in December above forecast and last year’s numbers. But Arkansas is still behind what was predicted so far for the fiscal year.
The Department of Finance and Administration on Wednesday said the state’s net available revenue last month totaled $467.4 million. That’s $3.2 million above December 2015 and $1.8 million above forecast. The state’s net available revenue for the fiscal year that began July 1 is $2.6 billion, which is $8.8 million below forecast.
The state’s corporate and individual income tax collections were below forecast. The state also paid out more in corporate income tax refunds that originally forecast.
The report is the last one issued before lawmakers convene for the 2017 session next week.
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