Arkansas’ revenue in October was $313.5 million, almost $18 million less than expected and $39 million less than collected in October 2008, according to the latest monthly revenue report from the Department of Finance and Administration.
Sales tax collections of $163.1 million was $6.9 million less than predicted and $15 million less than the state collected in October 2008.
The revenue report was issued one week after Gov. Mike Beebe ordered a $100 million reduction in state agency spending to balance the fiscal 2010 budget. Beebe also lowered the expected revenue for fiscal 2010 by $99.97 million or 2.2%.
Individual state income tax collections in October was $191.3 million, a $5 million drop from last year and $3.4 million below the revised forecast. Corporate income tax collections was $10 million in October, down $18.7 million from last October and $3.9 million less than predicted.
Beebe said he was not concerned about the lower income tax collections, which he said often fluctuate from month to month.
“That’s really in an area that we know is going to catch up pretty quick,” Beebe said. “It is down below forecast for the month, but it was something that was factored in and taken into consideration for the fiscal year.”