State has solid surplus after first eight months of fiscal year | Arkansas Blog

Tuesday, March 3, 2015

State has solid surplus after first eight months of fiscal year

Posted By on Tue, Mar 3, 2015 at 10:29 AM

Gross state tax revenue in February fell below forecast and the amount collected in the same month last year, but the state says timing issues have affected collections the first two months of this calendar year.

The bottom line for the first eight months of the fiscal year, which runs through June 30, is positive:

Gross revenues of $4.03 billion are up $125.1 million, or 3.2 percent above last year, and 1.7 percent above forecast. Net revenue, which is where a potential surplus comes in, are up $127.2 million, or 4 percent, above collections last year and 2.9 percent above forecast.



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