March State Revenue Falls Under Forecast

The Arkansas Department of Finance and Administration on April 2 said that net available general revenue totals $2,325.3 million so far this fiscal year.

Although that’s $52.1 million ahead of last year at this time, it’s $800,000 below what was projected in the state’s revenue forecast that was revised in February.

Department figures showed its general revenue count for March was $6.3 million below projections because $3.4 million went to pay lawyers’ fees in the Lake View School District case and individual and corporate refunds of $74.6 million were up $5.9 million above last year for the same period and $5 million more than forecast.

Other figures from the March report:

• March net available general revenue was $200.1 million, which was $4.5 million or 2.3 percent above March a year ago, but $6.3 million or 3 percent below forecast.

• Individual income tax collections for March totaled $132.4 million, a $2.7 million or 2.1 percent increase over last year, and $1.3 million, or 1 percent, above the revised forecast. For the year to date, income tax collections total $1,273.6 million, $34.6 or 2.8 percent above collections for the same period a year ago and $4.1 million above the revised forecast.

• Gross receipts, which consists primarily of sales and use taxes, totaled $134.6 million in March, decreasing by $900,000 or 0.6 percent compared to March of last year. Collections were below forecast by $2.7 million or 1.9 percent. Gross receipts for the year to date total $1,286.8 million, an increase of $16.9 million or 1.3 percent about fiscal 2002 and $1.5 million about the revised forecast.

• Corporate income tax collections for March were $12.5 million, down $100,000 or 0.8 percent from the previous March, but $1.8 million or 16.9 percent above forecast. For the year to date, corporate income taxes have brought in $142.1 million, an increase of $35.6 million or 33.4 percent above last year and $5.2 million above the forecast.