LITTLE ROCK, Arkansas — A surge in tax collections in nearly every major category last month helped double the amount of money that Arkansas has collected above forecast, state finance officials said Monday.
The Arkansas Department of Finance and Administration said the state's net available revenue in April totaled $624 million, which is $53.8 million higher than the same month last year and $82.4 million above forecast.
The state's revenue for the fiscal year that began July 1 totals $4.3 billion, which is $163.8 million above forecast.
Individual income tax collections in April totaled $510.1 million, which was $43.5 million above the same month last year and $41.9 million above forecast. Sales tax collections totaled $190 million, which is $7.3 million above April 2014 and $5.6 million above forecast. Corporate income tax collections totaled $66.5 million, which was $5.3 million above the same month last year and $23.1 million above forecast.
The state also paid out about $10 million less than expected in corporate and individual income tax refunds.
The numbers come just a few weeks after lawmakers formally wrapped a legislative session where they approved a $102 million income tax cut and a $5.2 billion budget for the coming fiscal year. The budget calls for boosting funding for schools, prisons and Medicaid, while most other agencies will see a 1 percent cut.
All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.