Little Rock, Arkansas – Arkansas continues to see positive rates above projections in its monthly tax revenue, after closing out a well-above-projections fiscal year in June.
According to the August general revenue report by the state Department of Finance and Administration, Arkansas brought in $1.084 billion for the month, 4.9% above last year’s rate. This amount is $46 million, or 4.4%, above what was projected for the month.
Two months into the state’s fiscal year, Arkansas has collected $1.23 billion. This revenue amount is $41.7 million, or 3.5%, above last year’s collections, per the report. The forecast is now exceeded by $39.4 million, or 3.3%.
The state finished June with a $1.628 billion surplus in the last fiscal year. This led to Gov. Asa Hutchinson calling a special session where the legislature approved tax-cut legislation.
DFA made a note in the August report that the Education Adequacy Fund, supported by a 2004 tax increase on select services as well as an increase in vending machine decal fees, is up by 10% from a year ago. The fund is currently at $57 million, or 10% above last year’s level at this time.
The fund provides a per-student amount to school districts, currently set at $7,349 for the 2022-2023 school year.
Tobacco tax came in $700,000 below what was forecast at $17.3 million. A year ago tobacco revenue was $2.4 million higher, DFA reported.
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