Tuesday, June 3, 2014

State tax revenue dips in May

Posted By on Tue, Jun 3, 2014 at 9:53 AM

The state revenue report for May shows a dip in tax income. Some, but not all,is  because of accounting changes. Gross income was down 4 percent from the same month last year and 6.2 percent below forecast. The Finance and Administration Department offered this commentary:

Results in May reflect a shift of approximately $20 million in Corporate Income tax collections previously reported in April but normally expected in filings for May. This one-month shift boosted April results at the expense of May while year-to-date results now reflect a more realistic look at performance with one month remaining in the fiscal  year. The budget is on track to be fully funded.

In addition, modest growth in collections for Individual Withholding tax and decline in Sales and Use tax provided further drag on results compared to year ago and forecast.

The big picture, through 11 months of the fiscal year: 

Gross collections of $5.626 billion are up $33.5 million. or .6 percent above last year. The net, after off-the-top obligations, is is $3.3 million, or .1 percent above last year, but $52.9 million, or 1.2 percent, over forecast. That's where you'll find surplus for teacher health insurance, crowded prisons, underfunded school construction, skyrocketing college costs, public safety and other odds and ends.

Here's the May 2014 report.

Tags:

From the ArkTimes store

Favorite

Comments (4)

Showing 1-4 of 4

Add a comment

 
Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Max Brantley

Readers also liked…

  • Maddie's Place makes a believer out of a skeptic

    After a long hiatus, I return to Maddie's Place in Riverdale and find the food is a lot tastier than I remembered.
    • Aug 19, 2015
  • Lawyers plead for mercy in Fort Smith forum shopping case

    Twelve of the lawyers facing punishment by federal Judge P.K. Holmes in Fort Smith for moving a class action case against an insurance company out of his court to a state court where it was speedily settled have filed their argument against sanctions.
    • Jun 16, 2016
  • State Police issues statement on Jason Rapert 'threats'

    The State Police have issued a minor clarification in what appears to be an effort to soothe an enraged Sen. Jason Rapert, exposed here as overly excited about both a Conway parking lot question from a constituent as well as some inflammatory Internet rhetoric that he's interpreted as a dire threat on his life. State cops took his reports seriously, they say. But in the end, they found nothing actionable.
    • Sep 15, 2015

Most Shared

  • Judge Griffen dismisses execution challenge; says hands tied by 'shameful' Ark. Supreme Court ruling

    Circuit Judge Wendell Griffen ruled today that he had no choice based on  a past Arkansas Supreme Court decision  but to dismiss a lawsuit by Death Row inmates seeking to challenge the constitutionality of the state's lethal injection process.But the judge did so unhappily with sharp criticism of the Arkansas Supreme Court for failing to address critical points raised in the lawsuit.
  • Metroplan sets public hearing on 30 Crossing

    The controversial 30 Crossing project to fatten up seven miles of Interstate 30 from U.S. Highway 67 in North Little Rock to Interstate 530 in Little Rock will once again get a public hearing, thanks to a vote of the Metroplan board Wednesday.
  • New suit argues Bruce Ward mentally unfit for execution

    A new lawsuit argues that Bruce Ward, scheduled to die by lethal injection next month, is not mentally competent to be executed. It says his condition has been worsened by decades of solitary confinement.

Visit Arkansas

Brant Collins named Group Travel Manager for Arkansas Department of Parks and Tourism

Brant Collins named Group Travel Manager for Arkansas Department of Parks and Tourism

Collins to work toward increasing visitation to Arkansas by groups and promoting the state's appeal

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation