Arkansas net revenue in February totaled $210 million, which was almost $16 million more than anticipated.

State income tax refunds of $148.7 million in February were $11.6 million less than had been expected after the Internal Revenue Service delayed federal tax returns for a week in January due to uncertainty over income tax law changes.

State income tax collections totaled $198 million last month.

Richard Weiss, director of the Arkansas Department of Finance and Administration, said last week that state income tax refunds were expected to increase in February due to the slow start in January, but that did not happen.

The early-year delay will shift more refunds into March and April than usual, Weiss said.

Sales tax revenues in February met or exceeded the official forecast for the first time since fiscal 2013 began July 1, 2012. The tax generated $174.6 million last month, beating the forecast of $173 million.

Gov. Mike Beebe said he is concerned about the weakness of the sales tax despite the good news in March.

"It's nice to see that one month it met or exceeded forecast, but over the long haul it's still down," he said.

The sales tax was expected to bring in $1.4 billion in the first eight months of fiscal 2013, but actual revenues are off by $11 million.

Gross revenues, which includes income taxes that will be refunded and some other diversions, has totaled $3.8 billion in fiscal 2013. The eight-month total is $51.6 million above the revenue forecast and $138.5 million more than collected in the same period of fiscal 2012.

Net revenues of $3.16 billion so far in fiscal 2013 are $99 million above expectations.

The general fund budget of $4.73 billion in fiscal 2013 is expected to provide an ending surplus of $100 million.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.