LITTLE ROCK, Ark. — Arkansas finance officials say lower than expected sales and income tax collections pushed the state’s revenue slightly below forecast in August.
The Department of Finance and Administration on Tuesday said the state’s net available revenue in August totaled $405.9 million, which is $10.2 million below the same month last year and $1.2 million below forecast. The state’s revenue so far for the fiscal year that began July 1 totals $860.4 million, which is $9.3 million above forecast.
Sales tax collections last month totaled $200.4 million, which was $200,000 above August 2016 and $4.7 million below forecast. Individual income tax collections totaled $205.4 million, which was $8.7 million below the same month last year and $200,000 below forecast.