Arkansas general revenue collections in July totaled $422.6 million, beating July 2007 collections by $11.2 million and exceeding the current forecast by $16.8 million. July was the first month of fiscal 2009.
However, much of the increase was attributed by the Department of Finance and Administration to a $13.7 million deposit of unclaimed proceeds from the state auditor’s office.
The auditor’s office maintains reserves adequate to pay claims for unclaimed property for three years. This is the first time in four years that such a large amount had been transferred from the fund.
Gross receipts revenue, including sales and use taxes, totaled $188.7 million in July, up $9.5 million from July 2007 and $7 million above forecast.
Individual income taxes revenues of $179.2 million declined $2.9 million from last July and were $1.7 million below expectations.
Corporate income taxes were off significantly. July’s collections of $15.4 million were down almost 47% from July 2007 and were $5.4 million, or 26.1%, below the forecast.
In May, the department revised its forecast for fiscal 2009 revenue to $4.4 billion, a decrease of $106.8 million for an earlier estimate.
