Arkansas November report shows fiscal year revenue above forecast by $144-plus million

LITTLE ROCK, Ark. – The most recent report from the Arkansas Department of Finance and Administration shows the state exceeding revenue projections for the current fiscal year.

The report for November shows the state with a total of $2,762.5 million in net available revenue for the year to date, which is $144.1 million, or 5.5% above what was forecast, according to DFA. The DFA report stated net available revenue for November was above forecast in all major collection categories.

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The gross general revenue through November is $3,324.4 million, which is $176.8 million above what was forecast for November.

Income tax refunds had a sizable jump, currently at a total of $205.8 million for the year, which is $99.9 million or 94.3% over November a year ago.

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In November alone, individual income tax refunds were $62.9 million, or $32.5 million above a year ago. DFA reported that while individual claims were above forecast, corporate claims were below what was forecasted at $5.6 million for November, a $13.3 million drop from what was forecast.

Tobacco tax was $1.3 million above the November forecast, and gaming revenue matched what was forecast at $3.9 million.

The Educational Adequacy Fund, created in 2004 to fund adequate education in the state, received $59.9 million in funding for November, a 7.3% increase from a year prior.

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November is the fifth month of the state’s fiscal year.

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