State revenues up | Arkansas Blog

Friday, April 4, 2008

State revenues up

Posted By on Fri, Apr 4, 2008 at 4:02 PM

The Department of Finance and Administration says general revenues to date are up 1.9 percent over last year and 4.8 percent above what was forecast. Individual and corporate income taxes are credited. See the jump for the release (tables excluded).
TO: Richard Weiss, Director
Tim Leathers, Deputy Director
FROM: John Shelnutt, Economic Analysis & Tax Research
SUBJECT: General Revenue Report for March (FY 2008)
DATE: April 2, 2008 Copy: Governor's Office
Management Services
Year-to-date Net Available General Revenues: Year-to-date net available general
revenues total $3,190.2 million. This amount is $48.9 million or 1.6 percent above last
year and $145.4 million or 4.8 percent above the general revenue forecast. The yearto-
date amount above forecast is due primarily to gains in individual and corporate
income tax collections that were greater than anticipated. Year ago comparisons for net
available revenues continue to be influenced by non-recurring transfers of $34.0 million
from General Allotment Reserve in July 2006 and $22.0 million from Property Tax Relief
Trust Fund in December 2006.
Year-to-date Gross General Revenues: Year-to-date gross collections total $3,947.8
million, representing an increase of $130.2 million or 3.4 percent above last year. Gross
general revenues are $144.8 million or 3.8 percent above the general revenue forecast.
Substantial one-time gains in collections stemming from non-recurring business
transactions account for $65 million of the gain relative to forecast and year ago
Year-to-date Individual Income Taxes: Year-to-date individual income tax collections
total $1,853.7 million, $167.3 million or 9.9 percent above FY 2007 collections and
$118.4 million or 6.8 percent above forecast. Collections growth for individual monthly
withholding is up 9.9 percent over year ago levels.
Year-to-date individual income tax refunds total $291.8 million, up $39.6 million or
15.7 percent compared to last year and $14.1 million or 5.1 percent above forecast.
Year-to-date Gross Receipts Collections: Gross receipts consist primarily of sales
and use taxes. On a year-to-date basis, gross receipts total $1,595.3 million, a decrease
of $52.8 million or 3.2 percent below FY 2007 and $1.1 million or 0.1 percent above
forecast. In large part, the tax reductions implemented in July and planned in the
forecast account for the declines compared to year earlier collections.
Year-to-date Corporate Income Taxes: Year-to-date corporate revenues total $252.3
million, an increase of $1.7 million or 0.7 percent above year-to-date FY 2007.
Year-to-date corporate income tax refunds total $27.0 million, down $18.0 million or
40.0 percent from the comparable year-to-date period last year and $19.6 million or
42.0 percent below forecast.
March Net Available General Revenues total $343.1 million, $24.3 million or 7.6
percent above last year and $22.3 million or 6.9 percent above forecast.
March Gross General Revenues: March collections total $469.1 million, an increase of
$6.6 million or 1.4 percent above last year and $8.6 million or 1.9 percent above
March Individual Income Tax collections total $203.9 million. Collections increased by
$23.8 million, or 13.2 percent, compared to last year. With respect to the forecast,
collections are $14.4 million or 7.6 percent above forecast. Growth in individual
withholding, the largest component, was up 15.0 percent compared to last year. Gains
in withholding accounted for much of the increase in collections. Payroll timing shifts
were noted during the month and relative to the year ago collection period. One extra
Friday pay day occurred in February activity and March collections relative to the year
ago calendar pattern.
March Individual Income Tax Refunds total $78.4 million. Refunds are up $7.6 million
or 10.7 percent above March 2007. This amount is 3.5 percent below forecast for the
month. Refund patterns across February and March likely reflect more rapid filing rates
on a year-to-date tax season basis. In March 2007, 161,154 refunds were processed
compared to 166,610 this year, an increase of 3.4 percent.
March Gross Receipts Collections: March collections total $178.1 million, a decrease
of $2.3 million or 1.3 percent below last year. Collections are above monthly forecast
levels by $3.0 million or 1.7 percent. The decline relative to year ago levels largely
results from sales tax reductions enacted in the last legislative session and
implemented at the start of the fiscal year.
March Corporate Income Tax collections total $49.0 million, a decrease of $12.6
million, or 20.5 percent below year earlier levels. With respect to the forecast,
collections are $6.2 million or 11.2 percent below forecast.
March Corporate Income Tax Refunds total $1.4 million. This amount is $9.1 or 86.8
percent below year ago refunds.
March Tobacco Tax collections, a smaller component of general revenue, total $11.3
million or 9.7 percent below year earlier levels. Monthly changes in tobacco tax
collections can be attributed to uneven patterns of stamp sales by wholesale
Year-to-date Medicaid Program Trust Fund: Year-to-date collections of the dedicated
soft drink tax total $34.8 million, an increase of $0.6 million or 1.8 percent above last
Educational Adequacy Fund: Act 107 of the Second Extraordinary Session of 2003
increased the state sales and use tax rate from 5.125% to 6.0%, effective March 1,
2004. Effective July 1, 2004 a new sales tax on selected services went into effect in
addition to an increase in vending machine decal fees. Act 94 increased the minimum
corporate franchise tax and the tax rate, effective for calendar years beginning January
1, 2004.
The additional revenues are deposited as special revenues to the Educational
Adequacy Fund to be used to fulfill the financial obligations of the state to provide an
adequate educational system. In March 2008, $36.6 million was collected and
deposited to the fund. After deductions, the net amount is $35.5 million. Year-to-date
net collections total $319.1 million, compared to $326.0 million last year.

From the ArkTimes store



Subscribe to this thread:

Add a comment

More by Leslie Newell Peacock

  • Third Friday in Argenta: Artwalking to see Southern landscapes and more

    Works by some of Arkansas's most distinguished artists, including the late Al Allen and Carroll Cloar, along with famed regionalist Thomas Hart Benton make up part of the offerings in "Southern Landscapes," a new exhibition at Greg Thompson Fine Art (429 Main St.) opening with the monthly Third Friday Argenta ArtWalk tonight.
    • Aug 18, 2017
  • 'Sign of the Times': Political posters at CHARTS

    Hendrix College's Dr. Jay Barth will give a talk and sax player Dr. Barry McVinney and pianist Mark Binns will provide the music at tonight's opening of "The Sign of the Times: The Great American Political Poster" in the Windgate Gallery at UA Pulaski Tech's CHARTS (The Center for Humanities and Arts). The event runs from 6 p.m. to 8 p.m.
    • Aug 17, 2017
  • GiGi's opens with soul food and 'old school R and B vibe'

    GiGi’s Soul Cafe and Lounge at 10840 Maumelle Blvd., where the Nashville Rockin Grill was located, opened July 28 and co-owner Darrell Wyrick the restaurant is “bringing back the spirit of some of the places that have gone, like Porter’s and The Afterthought” with its soul food and “old school R and B vibe.”
    • Aug 16, 2017
  • More »

Readers also liked…

  • Saturday's open line

    Got any thoughts? Put them here.
    • May 21, 2016
  • The two cities of Little Rock: East/west, black/white

    The Little Rock City Board illustrated this week a community divided over public schools, another blow to the Little Rock School District and another illustration of the need for ward elections to the board.
    • Mar 23, 2017
  • Civil War over in Fort Smith; lawyer strikes his Rebel mascot battle tent

    KSFM reports that Joey McCutchen, the lawyer who's been trying to restart the Civil War in Fort Smith over the School Board's decision to drop the Rebel mascot and related trappingsfor Southside High School, is dropping his School Board takeover campaign.
    • May 27, 2016

Most Shared

  • Lynchings hidden in the history of the Hot Springs Confederate monument

    Hot Springs twice erupted into the kind of violence that has its roots in the issues left unresolved by the Civil War, and both times, it happened right where that monument to Confederate soldiers stands today.
  • Take yourself there: Mavis Staples coming to LR for Central High performance

    Gospel and R&B singer and civil rights activist Mavis Staples, who has been inspiring fans with gospel-inflected freedom songs like "I'll Take You There" and "March Up Freedom's Highway" and the poignant "Oh What a Feeling" will come to Little Rock for the commemoration of the 60th anniversary of the desegregation of Central High.
  • Klan's president

    Everything that Donald Trump does — make that everything that he says — is calculated to thrill his lustiest disciples. But he is discovering that what was brilliant for a politician is a miscalculation for a president, because it deepens the chasm between him and most Americans.
  • On Charlottesville

    Watching the Charlottesville spectacle from halfway across the country, I confess that my first instinct was to raillery. Vanilla ISIS, somebody called this mob of would-be Nazis. A parade of love-deprived nerds marching bravely out of their parents' basements carrying tiki torches from Home Depot.

Most Viewed

Most Recent Comments



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