April State Net Revenues 15% Above Forecast
by May 4, 2015 8:27 am 106 views
The state’s strongest collection month of the year was a blockbuster, exceeding last year’s comparisons and exceeding forecast.
In the latest monthly revenue report from the Arkansas Department of Finance and Administration, April’s net available general revenues totaled $624 million, $53.8 million or 9.4% above last year and $82.4 million, or 15.2% above forecast.
“Results in April, the largest collection month of the year, were above forecast in all major categories of gross collections. In addition, refunds in both Individual and Corporate Income tax were less than expected,” said economist John Shelnutt, director of DF&A’s Economic Analysis & Tax Research division.
DF&A officials said individual and corporate income tax collections were higher than expected, and sales and use tax revenue rose 4% compared to year ago and 3% above forecast, as “part of a rebound effect from weather-related declines in the prior month.”
Among smaller revenue sources, tobacco tax collections were above forecast and year ago levels. Gaming results were 25.3% above year ago collections and 17.8% above forecast.
YEAR-TO-DATE
The following is a breakdown of year-to-date totals in major categories. The state’s fiscal year will close in two months at the end of June.
Year-to-date Net Available General Revenues: Year-to-date net available general revenues totaled $4.327 billion, $159.7 million or 3.8% above year ago levels. After ten months into the fiscal year, net available revenue is above forecast by $163.8 million or 3.9%.
Year-to-date Individual Income Taxes: Year-to-date individual income tax collections totaled $2.71 billion, $89.3 million or 3.4% above last year’s collections and $46.8 million or 1.8% above forecast. Collections for individual withholding are up 1.9% from year ago levels.
Year-to-date Sales and Use Tax Collections: On a year-to-date basis, sales and use taxes totaled $1.849 billion, an increase of $37.5 million or 2.1% from last year and $18.6 million or 1% above forecast.
Year-to-date Corporate Income Taxes: Year-to-date corporate revenues totaled $404.1 million, an increase of $37.1 million or 10.1% from the comparable period in the prior year. Corporate income is above forecast by $58.1 million or 16.8%.