State Revenue in October 18% Above Forecast

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The state Department of Finance and Administration said Tuesday that October net available general revenue was $486.2 million, $15.3 million above October 2019 and $73.1 million — or about 18% — above forecast.

Year-to-date, available general revenue was $2.2 billion, 12% above the same time last year and almost 12% 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.

Arkansas’ current fiscal year began July 1.

More: See the complete report.

October sales tax collections came in at 12% above the same month last year and about 12% above forecast, with all major collection categories coming in ahead of expectations.

The report said individual income tax collections for the month were $33 million above forecast, and corporate income tax collections were $7.5 million above projections.

The September 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 12% ahead of forecast for September, 9.2% ahead in August and 8.6% ahead in July.