DALLAS – Arkansas' rising sales tax collections in October indicate growing consumer confidence heading into the holiday season, according to the latest report from the state Department of Finance and Administration.
"The results reflect continued growth in underlying economic indicators for consumption, and now totals seven consecutive months of elevated growth in collections," John Shelnutt, director of economic analysis and tax research for the ADFA, said in the latest report.
Sales and use tax revenue during October was $193.6 million, up 5.2% over October 2014 and 3.2% above the budget estimate.
October's net revenues of $405.9 million were $3.1 million or 0.8% above those of October 2014 and 3.5% above forecast, Shelnutt reported. Sales and use tax revenue during the first four months totaled $789.7 million, up 6.5% compared to the same period in 2014.
For the first four months of the fiscal year that began July 1, net available general revenues totaled $1.74 billion, which is $17.5 million or 1% above year ago levels. Revenues for the period are $63.5 million or 3.8% above forecast.
Individual income tax revenue during the first four months is $915.2 million, 3% below the same period in 2014 and 3% below forecast, according to the report. Tax revenue in the category during October was $233.8 million, up slightly compared to October 2014 and 8.6% above forecast.