LITTLE ROCK, Arkansas — Arkansas' finance office says a drop in sales and individual income tax collections pushed the state's revenue below both last year's figures and expectations in March.
The Arkansas Department of Finance and Administration on Thursday said the state's net available revenue last month totaled $365.2 million, which is $21.3 million below March 2014 and $13.2 million below forecast.
The state's revenue for the fiscal year that began July 1 totaled $3.7 billion, which is $81.4 million above forecast.
The state's individual income tax collections in March totaled $229.4 million. The amount is $17.2 million below the same month last year and $17.7 million below forecast.
Sales tax collections totaled $179.8 million, which is $3.3 million below the same month last year and $5 million below forecast.
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