DALLAS - Arkansas was slightly ahead of budget projections in the second month of its fiscal year as August revenues rose $10.5 million, or 2.7%, above August 2013 and $12.3 million, or 3.2%, above forecast.
That puts general revenues for fiscal year 2015 at $801.4 million, which is $2.5 million or 0.3% above projections, according to John Shelnutt, director of economic analysis and tax research.
For the first two months of the fiscal year, revenues are $3.4 million or 0.4% above the previous year, Shelnutt reported.
"The forecast adjusted for a group of one-time audit collections in sales and use tax in the year-ago period that amounted to $13.5 million," Shelnutt said. "Sales tax growth in the latest period was 3.9% above year ago collections after adjusting for this factor in the collection pattern."
Year-to-date gross collections total $927.8 million, representing an increase of $17.2 million or 1.9% above last year, he said. Gross general revenues are above forecast by $3.8 million or 0.4%.
Year-to-date individual income tax collections total $422.4 million, $26.6 million or 6.7% above fiscal year 2014 collections and $9 million or 2.2% above forecast. Collections for individual withholding are up 7.3% from year ago levels, Shelnutt's monthly report showed.
August tobacco tax collections, a smaller component of general revenue in annual terms, total $17.5 million. Collections decreased by $1.7 million or 8.6% from year earlier levels and were also below forecast by $0.7 million.
