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State Revenue in April 27% Above Forecast

The state Department of Finance and Administration said Tuesday that April net available general revenue was $779.6 million, $242.4 million above April 2019 and $166.9 million — or 27.2% — above forecast.

Year-to-date net available general revenue was $5.4 billion, 13.6% above the same time last year and 15.1% above forecast. The department said the results include net collection increases tied to the income tax due date shift from July to April in the previous fiscal year.

All major collection categories were above forecast last month. The overages leave Arkansas with a budget surplus of nearly $717 million as of last month. Arkansas’ current fiscal year began July 1.

April sales tax collections came in at 48.5% above the same month last year and 39.5% above forecast.

The report said individual income tax collections for the month were $2.3 million above forecast, and corporate income tax collections were $63.2 million above projections.

The April report continues to show Arkansas collections ahead of forecast. The forecast had been revised on March 23 because of the COVID-19 pandemic; it was revised again, on June 30, up by $240 million.

The department previously reported that total collections were 5.9% ahead of forecast for March, 32.5% ahead in February, 19% ahead in January, 7.3% ahead in December, 12.5% ahead in November, 18% ahead in October, 12% ahead in September, 9.2% ahead in August and 8.6% ahead in July.

Read the full article on the Arkansas Business website here.