Arkansas revenues for October were higher than forecast, with $352.4 million of state general revenue and $423.8 million in gross revenue.
The October general revenue numbers were up 2.4% from October 2007 and 2.3% higher than forecast. Gross revenues were up 3.2% from October 2007 and 2.8% above the forecast.
The Department of Finance and Administration said general revenues were boosted by increases in individual income tax collections and a transfer of $13.7 million from unclaimed property proceeds.
Net available general revenue in fiscal 2009 have totaled $1.55 billion, $72.3 million more than last year and $71.1 million higher than the state had forecast.
Individual income taxes totaled $812.5 million so far this year, $41.1 million above 2007 collections and $35 million higher than forecast.
Individual income tax collections in October were $196.2 million, up $7.8 million from October 2007 and $4.2 million above forecast.
A new revenue forecast and budget proposal for the state’s two-year budget cycle is to be released this week.