LITTLE ROCK, Ark. — Arkansas finance officials say better than expected individual income tax collections helped push the state’s revenue above forecast last month.
The Department of Finance and Administration on Monday said the state’s net available revenue in November totaled $379 million, which is $1.7 million below the same month last year but $9.4 million above forecast. The state’s net available revenue so far for the fiscal year that began July 1 is $2.1 billion, which is $26.8 million below forecast.
Sales tax collections for November were above the same month last year, but below forecast. Individual income tax collections were above the same month last year and above forecast.
Gov. Asa Hutchinson’s administration cut the revenue forecast on Friday by $22.1 million, but did not cut the state’s projected $5.4 billion budget.