State revenue report shows December general revenue dip
by January 5, 2009 11:11 am 63 views
A Monday (Jan. 5) report from the Arkansas Department of Finance and Administration offers a possible sign that the Arkansas economy might now be seeing the effects of the national recession.
The report showed that December net available general revenues were $399 million, $16.3 million, or down 3.9%, below last year. However, the collections were $23.8 million, or 6.3%, above forecast.
The first signs of emerging consumer weakness were seen in the November monthly figures. Gross receipts totaled $167.6 million during the month, down 1.8% from a year ago and 2.4% below forecast.
Year-to-date net available general revenues totaled $2.28 billion, 3.4 percent above the same period in 2007, and 1.5 percent higher than the forecast.
DF&A officials said the increase is related to gains in the corporate income tax. Year-to-date corporate income tax revenues were $194.9 million, up 2.4% above the same period in 2008 and up 12.6% above forecasts.
Year-to-date gross collections total $2.65 billion, an increase of $80.1 million, or 3.1% above last year.
Other key collection figures:
• Year-to-date individual income tax collections total $1.19 billion, $41.5 million or 3.6% above FY 2008 collections and $19.8 million or 1.7% above forecast. Collections growth for individual monthly withholding is up 1.6 percent over year ago levels.
• Gross receipts consist primarily of sales and use taxes. On a year-to-date basis, gross receipts total $1.08 billion, an increase of $18.7 million or 1.7% above FY 2008 and $4.7 million or 0.4% below forecast.
• December gross receipts collections total $178.7 million, an increase of $0.7 million or 0.4% above last year. Collections were below monthly forecast levels by $0.6 million or down 0.3%.