LITTLE ROCK, Arkansas — Arkansas' revenue in November fell below last year's figures and predictions for this year, financial officials said Tuesday.
The state Department of Finance and Administration reported that Arkansas' net available revenue for last month totaled $349.7 million, which was $800,000 less than November 2012 and $8.4 million below forecast.
The department said the November numbers were affected by swings in corporate income taxes.
Gross collections in corporate tax income were $4.2 million below forecast and 41.6 percent below last year's levels. Corporate refunds, meanwhile, were $2.6 million above expectations and 36.6 percent above last year's levels.
"The really big story is just, I think, on the corporate side, and we don't really have any explanation for that," DFA Director Richard Weiss told reporters.
Weiss and Gov. Mike Beebe said last month that the effects of October's 16-day federal government shutdown could show up on future state revenue reports. Hundreds of state workers whose jobs depended on federal funding were temporarily idled because of the budget standoff.
But Weiss said Tuesday that it's hard to pinpoint whether the shutdown played a role in November's numbers.
"That's just really hard, really hard to quantify," Weiss said Tuesday.
Arkansas' net available revenue so far for the fiscal year that began July 1 totaled more than $2 billion, which is $29.4 million ahead of forecast.
The latest monthly revenue report came out Tuesday, just after finance officials revised their general revenue forecast for the current fiscal year down 0.3 percent from a previous forecast.
The Department of Finance and Administration this week also released the general revenue forecast for the coming fiscal year ahead of next year's legislative session. The agency said net available revenues in the 2015 fiscal year are expected to increase by about 2 percent compared to the forecast for the current fiscal year, which ends June 30.
The Legislature convenes in February for a session devoted to the state's budget.
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