DALLAS — Arkansas stayed ahead of its revenue projections for the second month of the 2016 fiscal year, according to the state Department of Finance and Administration.
Revenues for the month totaled $421.4 million, keeping the state $28 million or 6.7% ahead of forecast.
Compared to August 2014, the revenues were 5.5% or $23 million higher, according to John Shelnutt, head of economic analysis and tax research for the state.
The August revenues were 5.5% higher than the $399 million reported for July, the first month of the state's 2016 fiscal year. Arkansas' July revenues were 1.7% higher than forecast.
The state's revenue for the fiscal year that began July 1 is $820.6 million, $19.1 million above the same point last year and $34.8 million above forecast.
An increase in sales and individual income tax collections helped buoy revenues for August, Shelnutt said. Individual income tax totaled $215.2 million, $6 million above August 2014 and $11.5 million above forecast.
Sales tax collections totaled $204.6 million, a $16.4 million increase over August 2014 and $12.7 above forecast, Shelnutt reported.