LITTLE ROCK Arkansas finance officials say the state’s revenue in December beat last year’s figures and their expectations, fueled primarily by an increase in individual income-tax collections.
The Department of Finance and Administration said Thursday that the state’s net available revenue in December totaled $456.5 million. That’s $37.8 million above the same month in 2011 and $17.5 million above forecast.
The state’s revenue for the fiscal year that began July 1 totals $2.4 billion, $90.8 million above the previous year and $22.1 million above forecast.
Department Director Richard Weiss said the increase in individual income-tax collections stemmed primarily from December having more pay days than the previous year.
Weiss said the effects of the Christmas snowstorm on sales-tax collections won’t be reflected until the January revenue report.