Arkansas’ net available state revenues in the first eight months of fiscal 2012 came to a total of $3 billion, an increase of $54.2 million from the same period of fiscal 2011 and $20.2 million more than expected.
However, net revenues from February fell below the predicted levels due to higher-than-expected state income tax refunds.
The latest revenue report from the Department of Finance and Administration lists total net available revenues of $190.1 million last month, down $24 million from February 2011 and $22.6 million below the forecast.
Gross revenues in February totaled $393.6 million, an increase of $22.2 million from last year and $10.5 million more than predicted.
For the fiscal year so far, gross revenues total $3.68 billion, an increase of $143 million from fiscal 2011 and $70.8 million more than expected.
John Shelnutt, the state’s chief economist, said income tax collections in fiscal 2012 are above expectations but sales tax revenues are lagging.
“Business and consumer components of sales tax collection growth have been inconsistent over the year,” he said in the revenue report.
The state sales tax has generated $1.42 billion in fiscal 2012, an increase of $18 million from fiscal 2011 but $25 million less than expected.
Revenue from the individual income tax totaled $1.75 billion in the first eight months of fiscal 2012, $49 million above the official forecast.