Arkansas' general revenue collections in April declined by $205.7 million or 15.5 % from a year ago to $1.1 billion, but beat the state's forecast by $66.7 million, or 6.3 %.
The state's general revenue collections in April exceeded the state's forecast largely as a result of larger-than-expected corporate income tax collections.
The state's individual income tax collections dropped in April by $207.4 million compared to a year ago to $603.3 million largely due to the impact of a tax cut package enacted by the Legislature and then-Gov. Asa Hutchinson in August. Sales-and-use tax collections increased by $16.3 million from a year ago to $287.8 million, fueled by elevated growth in sales and use tax collections in retail trade, the state Department of Finance and Administration reported Tuesday morning.
The state's individual and corporate income tax filing and payment deadline was April 18.
Tax refunds and some special government expenditures are taken off the top of total general revenue collections, leaving a net amount that state agencies are allowed to spend up to their maximum distribution under the Revenue Stabilization Act.
The state's net general revenues in April dropped by $262.9 million from a year ago to $862.4 million, but exceeded the state's forecast by $123.5 million.
April is the tenth month of fiscal year 2023, that began July 1, 2022 and ends June 30, 2023.
During the first ten months of fiscal 2023, the state's net general revenues dipped by $163 million from the same period in fiscal 2022 to $6 billion, but beat the state's forecast by $430.2 million.
The state's forecast for fiscal 2023 projects a $598.1 million general revenue surplus at the end of the fiscal year.
The state's chief economic forecaster John Shelnutt said he expects a general revenue surplus of $1 billion at the end of the fiscal year, assuming the state's general revenue collections meet the state's forecast in May and June