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State tax collections well above forecast Wednesday, Apr 5, 2006 By Wesley Brown Arkansas News Bureau LITTLE ROCK - State tax coffers were flush with cash in March as net available general revenues totaled $309.2 million, nearly $29 million or 10.3 percent above forecast, the state fiscal office reported Tuesday. The rosy revenue report comes as Arkansas lawmakers convene at the state Capitol in a special session to adopt a $132.5 million school funding package to satisfy a state Supreme Court mandate. March collections were $15 million, or 5.1 percent, better than the same period a year ago. To date, net available revenues to pay the state's bills after operating, expenses are deducted from gross collections total $2.99 billion - $168 million, or 5.9 percent, above the revised forecast of July 27 and $206.2 million, or 7.4 percent, better than the same period last year. "The economy seems to pretty stable right now and (collections) are very steady," said Richard Weiss, director of the state Department of Finance and Administration. Weiss said he was confident that tax collections, one of the key barometers of the state's economic health, would continue to come in above forecast in the near-term. "Things seem to be looking pretty good, and I think we will be doing quite well for a while," he said. Tax collections increased in all the major categories in March. Only tobacco tax receipts, a small component of general revenue collections, were below year-ago levels. Gross general revenues in March came in at $437.9 million, $34.7 million - 8.6 percent - above forecast and $36.4 million, or 9.1 percent, above last year. Individual income tax collections totaled $172.1 million for the month, an increase of $9.8 million, or 6.0 percent, above March 2005 figures and $10.4 million, or 6.4 percent, above forecast. Gains in individual income tax collections continue to be driven by a combination of net job growth and wage gains, officials said. March gross receipts totaled $174.3 million, $13.2 million better than a year ago and $10.0 million, or 6.1 percent, above forecast. Corporate income tax collections for March were $52.8 million, an increase of $10.1 million, or 23.7 percent, over March 2005 collections and $14.6 million - 38.2 percent - above forecast. Tobacco tax collections total $12 million, less than 1 percent below a year ago. |
