General Revenue above Forecast
May marks the sixth consecutive month that gross receipts collections came in above forecast and year ago levels. The Department of Finance and Administration released its monthly revenue report which shows May Net Available General Revenue $20.9 million or 6.6% above last year.
Year-to-date net available general revenues total $4,241.9 million. This amount is $142.9 million or 3.5% above last year and $13.3 million or .3% above the revised general revenue forecast that was released on May 9, 2012.
The major revenue categories of individual and corporate income tax and gross receipts are up relative to year ago levels. The amount above forecast is primarily accounted for by lower than projected income tax refunds and stronger than expected collections of corporate income, tobacco, and gross receipts taxes.
To view the complete report, visit the DFA website http://www.dfa.arkansas.gov/Pages/default.aspx