Revs Up, Forecast Missed

The Arkansas state government’s December’s general revenue of $439.5 million was $10.2 million more than in December 2009 but $20.3 million less than expected.

According to the Department of Finance and Administration, the failure of revenue to meet official predictions was the result of a drop in corporate income tax collections.

The corporate tax generated $52.3 million, down $11.2 million from last year and $20.5 million below the estimate.

State sales and use taxes brought in $171.8 million, up $11.9 million from December 2009. Actual collections missed the estimate by $1.4 million.

Collections in fiscal 2011 total $2.64 billion, an increase of $61.2 million from the same period of fiscal 2010 but $6.4 million less than projected.

General revenues are expected to provide $5 billion of the state’s $24 billion budget in fiscal 2011.

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