Revenues Beat Projections in Arkansas

Arkansas’ November revenues of $427.6 million were $15 million more than in November 2011 and $4 million more than expected, the Department of Finance and Administration said.

Richard Weiss, the state’s chief financial officer, said the revenue increase, fueled by significant gains from the individual income tax, is a sign the state’s economy is getting stronger.

“We see the economy improving slowly,” Weiss said. “It is not an even recovery, but it seems to be in a good recovery mode. We expect and hope that that will continue.”

The individual income tax generated $192.5 million in November, an increase of $9 million from November 2011 and $5 million more than predicted.

Sales and use tax revenues totaled $172.2 million, up $6.3 million from 2011 but $600,000 less than expected.

Net revenues in the first five months of fiscal 2013 total $1.97 billion, an increase of $53 million from the same period of fiscal 2012.

The state expects a fiscal 2013 ending balance of almost $300 million.

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Arkansas
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