Tax Collections Continue Ahead Of Forecast

Taxes up

State budget coffers were brimming headed into October and the early holiday shopping season as tax collections in all major revenue categories were ahead of forecast, the Arkansas Department of Finance and Administration reported Tuesday.

Net available general revenues in September jumped 9.8% or $50.7 million to $569.6 million from a year ago, which is $15.4 million or 2.8% ahead of the state’s forecast. Year-to-date net available revenue totaled a robust $1.473 billion through the third month of the 2019 fiscal year, up 6.8% or by $93.7 million compared to a year ago and $33.4 million or 2.3% ahead of the state’s annual forecast that runs from July 1, 2018 to June 30, 2019.

Yearly gross general collections, a broader economic indicator that includes collections from all available categories, also increased by $77.5 million to $1.656 billion, up nearly 5% compared with the same period of fiscal 2018, and $30.8 million or 1.9% above the general forecast.    MORE

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