Department: Arkansas revenues dip in October
LITTLE ROCK, Ark. (AP) — Arkansas finance officials say weak sales and income tax collections pushed the state's revenues in October below last year's figures and their predictions.
The Arkansas Department of Finance and Administration said Friday that the state's net available revenues in October totaled $355.6 million. That's $9 million below last year and $21.6 million below forecast.
The state's revenues for the fiscal year that began July 1 are $20.5 million above forecast.
The department said the dip was driven mainly by a temporary downswing in individual income tax from payroll timing in withholding tax. Individual income tax collections were below last year by $10.7 million and $2.3 million below forecast.
Sales tax collections were $1.1 million below last year's figures and $8.3 million below forecast.