DALLAS - Arkansas revenues grew nearly $54 million or 6.4% in April compared to the same month last year, according to the Arkansas Department of Finance and Administration.
In the 10th month of the fiscal year, state revenues of $4.3 billion are running $163.8 million or 3.9% above forecast.
Arkansas finance officials say a surge in tax collections in nearly every major category last month doubled the amount of money the state has collected above forecast for the year.
April is the largest collection month of the year for Arkansas.
Refunds in both individual and corporate income tax were less than expected, said John Shelnutt, head of economic analysis and tax research for the state.
Sales and use tax revenue rose 4% compared to year ago and 3% above forecast, as part of a rebound effect from weather-related declines in the prior month.
Among smaller revenue sources, tobacco tax collections were above forecast and year-ago levels. Gambling results were 25.3% above year-ago collections and 17.8% above forecast.
Data from the University of Arkansas at Little Rock's Institute for Economic Advancement showed that metro areas continued to show dramatic year-over-year declines in unemployment rates.
Unemployment rates have fallen by more than a full percentage point over the past year in Jonesboro, Memphis, Pine Bluff, and Texarkana.
With $1.7 billion of tax-supported debt, Arkansas carries general obligation bond ratings of AA from Standard & Poor's and Aa1 from Moody's Investors Service, with stable outlooks.
