Revenue collections in the first 11 months of fiscal 2011 total $5.1 billion, an increase of almost $200 million from the same period last year, the Arkansas Department of Finance and Administration said last week.
General revenue of $414 million in May was $8.3 million more than expected and $12.8 million more than in May 2010.
In April, the department reduced its outlook for gross general revenue in fiscal 2011 to $5.58 billion, but kept the $4.48 billion estimate for net revenues available for expenditure, which deducts tax refunds and some expenses from total revenue collections.
Finance director Richard Weiss said he expects revenue to reach the target level of $480.6 million in June, which would bring fiscal 2011’s gross revenue up to the forecast of $5.58 billion.
The state’s economy is growing, he said, but the progress is slow and uneven.
Sales tax revenue of $166.4 million in May fell $5.8 million below the official prediction, but the $197.4 million generated by the individual income tax was $8.4 million more than expected.
May collections totaled $382.6 million in 2009, $385.6 million in 2008, and $408.7 million in 2007.