Finance office: Arkansas starts fiscal year above forecast

State News

LITTLE ROCK, Ark. (AP) — Arkansas started its fiscal year with revenue coming in $39.2 million above forecast, the state’s finance office said Tuesday.

The Department of Finance and Administration said the state’s net available revenue in July totaled nearly $515 million. The revenue came in about $151 million below the same month last year, but officials said that comparison was skewed because the state’s income tax filing deadline in 2020 was delayed to July because of the coronavirus pandemic.

All of the state’s major revenue categories came in above forecast. The state’s individual income tax collections came in nearly $28 million higher than forecast and sales tax came in $17.4 million above forecast.

Arkansas ended its last fiscal year with a nearly $1 billion surplus.

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