Arkansas tax collections totaled $481.3 million in December, the highest amount for any December and an increase of almost 10% from December 2010.

The Department of Finance and Administration reported revenue was up $41.7 million from last year, and $30.4 million above the official estimate.

The totals do not reflect Christmas sales, which will be included in the January revenue report.

The previous December record was set in 2007, when revenues were $477.9 million.

Revenues last month included $178.6 million from the state sales tax, $206.9 million from individual income taxes, and $66.7 million from corporate income taxes.

“Growth was above forecast among all major revenue categories,” the report noted.

Tim Leathers, deputy director for the finance department, said the net revenue total does not account for income tax refunds to individual earners that will occur over the next six months.

General revenue collections in the first six months of fiscal 2012 were $2.74 billion, up $98 million from the same period of 2011 and $45 million more than expected.

The latest revenue projection calls for total general fund revenue of $5.93 billion in fiscal 2013, an increase of $174 million from 2012 projections.

Net available revenue, after dedicated funds are transferred, are expected at $4.7 billion.

Lawmakers will meet in Little Rock Jan. 17 to begin preliminary work on the legislative budget session that begins Feb. 13.

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.