August Arkansas Budget Coffers Bolstered

Revenue

Arkansas tax collections improved substantially in August as individual income and sales tax revenue came in well above forecast and pushed year-to-date net available funds for government spending near the $1 billion mark.

The Arkansas Department of Finance and Administration reported Wednesday that year-to-date (July – August) net available revenues in August grew by 0.9%, or $8.4 million at $991.8 million, and 0.8% or $7.5 million when compared with the state’s official budget forecast. Gross tax revenue for fiscal year 2019, a key economic indicator that includes collections from all available categories, totaled nearly $1.028 billion at the end of August, a gain of 0.7% or $6.7 million when compared to year ago levels and the DFA forecast.      MORE

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