State general revenues in November increased by 4.7 % over a year ago with the help of increased individual income and sales and use tax collections, state officials reported on Tuesday.
Total general revenue collections increased last month by $23 million over November 2018 to $515.2 million and exceeded the state’s forecast by $7.6 million, according to state Department of Finance and Administration officials.
The month’s collections reflect low unemployment and increased consumer spending in the state, they said.
The net general revenue available to state agencies increased last month by $24.7 million over a year ago to $431.8 million and exceeded the state’s forecast by $15.3 million.
November is the fifth month of fiscal year 2020 that started July 1.
During the first five months of fiscal 2020, total general revenues increased by $104.2 million over the same period in fiscal year 2019 to $2.7 billion and that exceeded the state’s forecast by $76.8 million.
So far in fiscal year 2020, the net increased by $103.1 million over the same period in fiscal 2019 to $2.4 billion and exceeded the state’s forecast by $87.5 million.
Read Wednesday's Arkansas Democrat-Gazette for full details.