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October state revenue slightly above forecast

By Rob Moritz

Arkansas News Bureau

State revenue came in slightly above forecast in October, the state finance office reported Monday.

The October results were mixed as income tax categories and a variety of smaller revenue sources saw gains and sales tax collections fell slightly.

“It’s all according to forecast right now,” Gov. Mike Beebe told reporters Monday, adding that any impact from the 17-day federal government shutdown last month probably would not show up in the revenue report until next month.

Tax collections total $372.8 million last month, pushing net available general revenues $8.1 million or 2.2 percent above the budget forecast budget, according to the state Department of Finance and Administration.

Sales tax collections in October totaled $171.8 million, $600,000 or 0.3 percent above last year and $6.8 million — 3.8 percent — below the monthly forecast.

“The swings in growth are a reminder that one month results do not represent a trend in collections or the state economy,” the report said.

In October, individual income tax collections totaled $226.4 million, up $8.3 million or 3.8 percent from last year and $3.2 million or 1.4 percent above the monthly forecast.

Corporate income tax collections totaled $25.6 million, up $3.3 million from a year ago and $2.6 million or 11.3 percent above the monthly forecast.

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