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LITTLE ROCK â€” A boost in sales and income tax collections pushed Arkansas' revenue in August slightly above that of August 2013 and above what was expected, state finance officials said Wednesday.
The Arkansas Department of Finance and Administration said the state's net available revenue last month totaled $398.3 million, which $10.5 million above August 2013 and $12.3 million above what had been forecast. The state's revenue for the fiscal year that began July 1 totaled $801.4 million, which is $3.4 million above the same point last year and $2.5 million above forecast.
"We're talking about pretty marginal changes, but it puts us on forecast," DFA Director Richard Weiss told reporters at the Capitol.
The state saw tax collections in nearly every major category beat predictions.
Individual income tax collections in August totaled $209.1 million, which was $19.3 million above the same month last year and $8.7 million above forecast. Sales tax collections totaled $188.2 million, which was $6.3 million below the same month last year and $2.4 million above forecast. Officials said the dip in sales tax collections was primarily due to a one-time audit receipt the state received last year.
Corporate income tax collections totaled $7.8 million, which was $1.9 million above the same month last year and $1.4 million above forecast.