Arkansas revenue meets expectations at fiscal year’s start

March Revenue Drops for State of Arkansas_3242169273752110230

LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state’s revenue met expectations at the start of the fiscal year, even though collections came in lower than the same time last year.

The Department of Finance and Administration on Friday said the state’s net available revenue in July totaled $462.8 million. That’s $6.5 million below the same month last year and didn’t depart from the forecast for the month.

Arkansas’ 2020 fiscal year began July 1.

Individual income tax collections were above forecast but below July 2018 figures. Sales tax collections were below forecast and below the same month last year.

Finance officials last month said the state ended the 2019 fiscal year with a $295 million surplus.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Enter For Your Chance To Win!

Don't Miss

More Don't Miss

Trending Stories