Revenue Tops Forecast

Arkansas state revenue totaled $540.7 million in September, beating the forecast by $29 million and almost $27 million more than was collected in September 2007.

The latest revenue report from the Bureau of Legislative Research said net general revenue available for distribution in September totaled $481.4 million, up $28.4 million from last year.

Net general revenues for the first quarter of the state’s fiscal year totaled $1.2 billion, up almost 6% from the $1.1 billion in revenue during the first quarter of fiscal 2008. The total is $63 million more than expected.

Individual income tax collections were up 8.6% from September 2007, and almost 10% higher than earlier predicted. Collections totaled $266.2 million, an increase of $21 million from September 2007.

A slight decline was seen in gross receipts revenues, most of which come from the state sales tax. Revenues of $187.2 million were off $1.3 million from September 2007.

The state expects to collect $4.4 billion of general fund revenue in fiscal 2009, up from the $4.35 billion collected in fiscal 2008.

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