LITTLE ROCK, Ark. (AP) — Arkansas’ revenue in November exceeded the same month a year ago as well as forecast figures, the state’s finance office said Wednesday.
The Department of Finance and Administration said the state’s net available revenue in November totaled $464 million, which was $32.2 million above the same month last year and $51.5 million above forecast.
The state’s revenue so far for the fiscal year, which began July 1, totals nearly $2.7 billion. That’s $283.3 million above forecast.
The department said the state’s main tax collection categories last month were above forecast. Individual income tax collections in November totaled $252.5 million, which was $8.2 million above the same month last year and $22.8 million above forecast.
Sales tax collections in November totaled $219.6 million, which was $5.6 million above the same month last year and $6.4 million above forecast.
Arkansas’ revenue has come in above forecast over the past several months, despite the coronavirus pandemic that has claimed thousands of lives in the state. Gov. Asa Hutchinson last month proposed $50 million in tax cuts and called for tapping into the state’s surplus for various needs.
