August revenue in Arkansas outpaces forecast
This article was published September 2, 2010 at 10:02 a.m.
LITTLE ROCK — General revenue in Arkansas rose above both the forecast figure and year-ago levels in the most recent report, officials said Thursday.
Year-to-date net available general revenues totaled $743.1 million in August, which is $32.7 million or 4.6 percent above forecast.
John Shelnutt, administrator for economic analysis and tax research at the Arkansas Department of Finance and Administration, wrote in a memo that the improving numbers resulted from several factors, including individual income tax collections rising 5.4 percent and gross receipts tax up 8.8 percent over last year.
"These factors indicate that we may be trending toward improved revenues and bolster confidence in the forecast," Shelnutt wrote.
Individual income tax rose mostly due to employee withholding, which Shelnutt said indicates increased employment and wages. The gross receipts increase came from consumer and business spending.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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