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State general revenue collections in December exceed forecast by $42.9M

by Michael R. Wickline | January 5, 2021 at 10:04 a.m.
The Arkansas flag is shown in this file photo.

With one fewer payday last month than a year ago, state general revenue collections in December dropped by $8.3 million over the same month a year ago to $605.3 million, but exceeded the state’s April 2 forecast by $42.9 million.

Individual income tax collections dipped last month compared to a year ago, while sales and use tax collections increased slightly over a year ago, but both tax sources exceeded the state’s forecast for the month, the state Department of Finance and Administration said Tuesday in in its monthly revenue report.

The state’s net general revenue available to state agencies fell by $17.2 million in December compared to a year ago $530.3 million, but outdistanced the state’s forecast by $36 million. December is the sixth month of fiscal 2021.

During the first sixth months of fiscal 2021, total general revenue collections increased by $320.7 million over the same period in fiscal 2020 to $3.6 billion and exceeded the state’s April 2 forecast by $348.7 million.

So far in fiscal 2021, the net general revenue increased by $257.6 million over the same period in fiscal 2020 to $3.2 billion and exceeded the state’s forecast by $319.4 million.

On April 2, the finance department cut the net general revenue forecast for fiscal 2021 by $205.9 million to $5.68 million, citing a projected recession triggered by the coronavirus pandemic.

Read Wednesday's Arkansas Democrat-Gazette for full details.

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