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.




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