State revenue staying flat | Arkansas Blog

Tuesday, October 4, 2016

State revenue staying flat

Posted By on Tue, Oct 4, 2016 at 10:01 AM

The monthly report on state tax take continues to reflect a lack of growth.

September gross revenue of $578.8 million was a bare $1.7 million above last year and 2.9 percent less than the forecast on which the state budget is based.

September net, after mandatory set asides for certain state agencies, was $515.5 million, about $500,000 less than the same month last year and 3.1 percent below forecast.

The key sales tax produced less than the same month last year. Corporate income tax was a whopping 9.1 percent less than last year, almost $10 million below forecast. Individual income tax collections were up 3.9 percent over a year ago, a good bit of that likely due to the high employment (also: working poor got no income tax cut from the Hutchinson administration).

In time, these kind of numbers can have implications. After three months of the budget year net revenue is $4.3 million behind last year and, more important, $32 million below forecast. There is no surplus, in other words, though the budget includes some rainy day money.




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…

  • Auditor Lea caught not telling the truth

    State Auditor Andrea Lea, who began her tenure in statewide office with a degree of competence unseen in some other Republican counterparts (think Treasurer Dennis Milligan particularly), is becoming more deeply mired in a political scandal.
    • Mar 4, 2016
  • Today in Trump: Obstruction of justice anyone?

    It's the New York Times with the news today. Fired FBI Director James Comey kept notes of his talks with Donald Trump. A memo he wrote in February after a meeting with Trump said the president asked him to shut down the investigation into Michael Flynn, his former national security adviser.
    • May 16, 2017
  • Another Republican miracle-working governor

    Great piece in Washington Post on the budget crisis in Louisiana. Big tax cuts and corporate welfare will do that to a state, particularly to a state whose previous governor, Republican Bobby Jindal, refused to join the Obamacare-funded Medicaid expansion. There's a lesson there for Arkansas.
    • Mar 4, 2016

Most Shared

  • 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

Blogroll

 

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