State finance officials say a lack of individual income-tax refunds last month helped push Arkansas’ revenue above officials' expectations and above last year’s numbers.
The Department of Finance and Administration on Monday said the state’s net available revenue in February totaled $210.1 million. That’s $20 million above last year and $15.7 million above forecast. The state’s revenue for the year to date is $99.2 million above forecast.
The department said the results were mainly driven by the relative lack of individual income-tax returns received. Individual income-tax refunds were $4.5 million below last year and $11.6 below forecast.
Sales tax and corporate income-tax collections were above forecast and last year’s figures. Individual income-tax collections were above last year but below forecast.
Read tomorrow's Arkansas Democrat-Gazette for full details.