State revenues up slightly in December

LITTLE ROCK — State revenues were up slightly in December, the state’s fiscal office said Friday, noting the increase was due to an early deposit of $5.7 million from securities fees.

The state’s net available general revenue last month totaled $472.1 million, $15.6 million, or 3.4 percent, above last year, and $2.8 million, or 0.6 percent, above forecast.

“The early deposit, recorded as miscellaneous in the report, offset small variances below forecast in other revenue categories, including individual income, corporate income and sales tax,” the monthly report provided by the Arkansas Department of Finance and Administration said.

The state’s revenue for the fiscal year that began July 1 is $2.5 billion, which is $85.2 million, or 3.5 percent, above last year, and $32.2 million, or 1.3 percent, above forecast.

DF&A Director Richard Weiss said the monthly report “shows we are continuing some growth, kind of like we expected to in the state.”

Sales tax collections in December totaled $1.86 million, an increase of $5.6 million, or 3.1 percent, above last year, but below monthly forecast levels by $4.1 million, or 2.2 percent.

“They’ve kind of been lagging,” Weiss said of sales tax collections. “The nice thing is we do have some growth over last year.”

Individual income tax collections totaled $245.3 million, $2.3 million, or 0.9 percent, above last year, but $1.9 million , or 0.8 percent, below forecast.

Corporate income tax collections totaled $363.7 percent, up $900,000 from last year, and $200,000, or 0.3 percent, below forecast.