Arkansas collected $355.6 million in general fund revenue in October, down $21.6 million from expected collections and $9 million less than in October 2011.
Revenue so far in fiscal 2013 of $1.62 billion is $45 million more than the same period of fiscal 2012 and $20.5 million above the forecast, the Department of Finance and Administration said last week in the monthly revenue report.
A drop in individual income tax collections due to payroll timing last month is responsible for most of October’s decline, chief economist John Shelnutt said.
He said the timing dropped individual income tax revenue by 8.3%.
Individual income tax collections totaled $218.1 million in October, down almost 5% from last October.
Individual income tax refunds of $18 million in October were $3.4 million more than the forecast.
Sales tax collections of $171.3 million were down only slightly from October 2011, but $8.3 million less than expected.
“Sales and use taxes were down in both business and consumer-related categories, but automobile sales tax rebounded,” Shelnutt said. “A significant upswing in corporate income tax refunds also detracted from net revenue during the month.”
