Arkansas general fund revenue in February was $365 million, almost $7 million less than expected and $31 million less than in February 2009. The drop is the 12th time in the last 15 months that revenue fell below the same month of the previous year.
The latest report from the Department of Finance and Administration showed a decline of $22.9 million in individual income tax revenue and a $12.2 million drop in sales taxes compared to February 2009.
Officials said comparing income tax revenue to 2009 revenue is misleading. The state received an unexpected $20 million of income tax revenue last year from severance packages for laid-off workers. Individual income taxes brought in $177.9 million, with $4.1 million of corporate income taxes.
The state sales and use taxes generated $158.1 million in February. Gross revenue for the first eight months of fiscal 2010 came to $3.48 billion, down $106.8 million from the same period in fiscal 2010, but only $400,000 below the official forecast.
