|
|
| |
| Fri, Dec. 5, 2008 |  |
 |
|
||
| |
State revenues up in August Wednesday, Sep 6, 2006 By Rob Moritz Arkansas News Bureau LITTLE ROCK - Arkansas tax collections were up slightly last month but the state's economic growth appears to be slowing, the state fiscal director said Tuesday. For August, net available general revenue totaled $344.2 million, $3.3 million, or 1 percent, above a year ago and $16.6 million, or 5 percent, above forecast, the state Department of Finance and Administration reported. The state took in total gross revenues of $395.8 million in August, which was $2.1 million, or .5 percent, above last year and $11.6 million, or 3 percent, above forecast. Net revenue is the balance after the state fulfills its financial obligations, such as reimbursing merchants for collecting the state sales tax. "We're showing a continued, nice steady growth in gross receipts, not near double-digit rates that we have had, but a nice steady rate," DF&A Director Richard Weiss said. "Right now, I'm very comfortable with our forecast for the year and it looks like we're trending that way." The double-digit growth the state has been experiencing over the past year appears to be slowing some, but that was expected, Weiss said. "We all knew that was going to happen at some point," he said. "It's in the comfort zone right now." Gross receipts, which include sales and use taxes, the 10 percent mixed drink tax and the alcoholic beverage excise tax, came in at $189.2 million in August, about $4.4 million, or 2.4 percent, above the forecast and $9.1 million, or 5.1 percent, more than August 2005. The state's corporate income tax collections, however, totaled $14.6 million in August, a decrease of $6.9 million, or 32.3 percent, from same month last year. Weiss said that drop was anticipated and was caused by nonrecurring gains in the August 2005 collections. The state's individual income tax brought in $151.1 million last month, a $1.1 million, or .7 percent, drop compared to last year and $4.4 million, or 2.8 percent, below forecast. Weiss attributed the drop to a shift in income tax withholding payments compared to last month and last year. "Don't pay too much attention to numbers on individual income and corporate income," he said. "They're both beset with all kinds of timing issues. We're not concerned on that." Year-to-date net available general revenues were $722.6 million, or $20.4 million or 2.9 percent above forecast. Collections were up $77.9 million, or 12.1 percent. Arkansas ended the 2005-06 fiscal year with a $402.7 million surplus. Revenue officials have projected a $234.5 million surplus for the end of this fiscal year. |
