A busy April tax season pushed Arkansas collections well above forecast as net available revenue in state coffers topped $110 million with only two months left in the fiscal year.
The state Department of Finance and Administration’s monthly revenue report shows net available general revenue for April totaled $661.3 million, $37.2 million or 6% above last year and $37.1 million or 5.9% above forecast.
The April tally builds on March’s double-digit collections when net available general revenue for March totaled $413.7 million, $48.6 million or 13.3% above last year and $41.1 million or 11% above forecast.
The April revenue report is being released as Arkansas lawmakers get set to vote on the state’s general revenue budget. Gov. Asa Hutchinson and top legislative leaders are seeking to increase the fiscal 2017 budget by nearly $143 million to $5.33 billion for the upcoming fiscal year that begins July 1, 2016.
Earlier in the fiscal session, which is expected to end this week, lawmakers approved a bill to the $8.4 billion Department of Human Services Division of Medical Services appropriation, which includes $1.7 billion for Arkansas Works and also funds other programs. Arkansas Works is Hutchinson’s version of the private option, which uses federal Medicaid dollars to purchase private health insurance for Arkansans with incomes up to 138% of the federal poverty level.
Year-to-date net available general revenues total $4.48 billion, which is $160.2 million or 3.7% above year ago levels. After 10 months into the fiscal year, net available revenue is above forecast by $110 million, or 2.5% percent.
April collections totaled $793.7 million, a decrease of $7.5 million, or 0.9% below last year, and $8.4 million, or 1.1% above forecast.
April sales tax collections total $192.7 million, an increase of $2.6 million or 1.4% above last year. Collections were below monthly forecast levels by $1.6 million or -0.8%. The collection results largely reflect taxable sales activity in March, DF&A officials said.
April individual income tax collections total $505.3 million. Collections decreased by $4.8 million, or down 0.9% compared to last year. With respect to the forecast, collections were $4.8 million or 1% above expected levels. Gains from withholding tax on payrolls accounted for most of the increase from year ago levels and forecast, DF&A officials said.
Corporate income tax collections in April were $55.9 million, a decrease of $10.5 million from year ago, and $3.0 million, or -5.1% below forecast.
Monthly individual income tax refunds continued at a lowered clip at $68.2 million, $42.5 million below last year and $23.1 million below forecast. State corporate income tax came in at $55.9 million, a decrease of $10.5 million from year ago, and $3 million or -5.1% below forecast. Both individual and corporate refund amounts below forecast add to net available fund results.
OTHER TAX REVENUE SOURCES
July-April. 2016: $43.9 million
July-April 2015: $43.1 million
Games of skill
July-April 2016: $46 million
July-April 2015: $38.2 million
July-April 2016: $183.9 million
July-April 2015: $182 million
July-April 2016: $62.8 million
July-April 2015: $67.4 million