State Coffers Holding $57.5 Million Surplus

Money

Arkansas revenue collections in October continued a steady upward path as rising payrolls and strong sales tax collections boosted state budget coffers ahead of the all-important holiday shopping season and upcoming 2019 legislative session.

“The revenue report reflects more good news overall and the 4th consecutive month above forecast in fiscal 2019 in the July to October period,” state Department of Finance and Administration economist John Shelnutt told Talk Business & Politics.

Through the first four months of the fiscal year beginning July 1, 2018, net available general revenues totaled $1.908 billion, up 6.4% or $114.6 million from a year ago, which is $57.5 million or 3.1% ahead of the state’s forecast. On a monthly basis, general revenue collections were $435.4 million, which is 5% or $20.9 million above year ago levels and $24.1 million or 5.9% above forecast.    MORE

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