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| Thu, Nov. 20, 2008 |  |
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State fiscal year starts with rise in revenues Tuesday, Aug 5, 2008 By Jason Wiest Arkansas News Bureau LITTLE ROCK - Revenue from unclaimed property helped boost July state revenues 6 percent above forecast for the first month of the new fiscal year, state fiscal officers said Monday. Net available general revenues totaled $371.2 million, including $13.7 million in unclaimed property proceeds, for the month - a $19.6 million, or 5.6 percent, increase over revenues in July 2007, the state Department of Finance and Administration reported. "It's sporadic," DF&A economist John Shelnutt said of the property proceeds. "When we try to factor out those special items, it does appear to indicate that we're close to our forecasted perception of growth." For that reason, its premature to re-evaluate the decision state officials made in May to cut $107 million from the budget for the current fiscal year, Shelnutt said. Gov. Mike Beebe has said he would consider restoring some of the cut funding if revenues beat projections. Individual income tax collections totaled $179.2 million last month, down $2.9 million, or 1.6 percent, compared to a year ago. Collections in the category were also below forecast by $1.7 million, or 0.9 percent. Sales tax collections totaled $188.7 million, up $9.5 million, or 5.3 percent over July 2007, and above projections by $7 million, or 3.9 percent. A significant increase in the utilities sector of sales and use tax collections contributed to the rise. Rising utility costs and rate increases from a multi-state agreement last year were a factor, Shelnutt said. Corporate income tax collections totaled $15.4 million, down $13.5 million, or 46.7 percent compared to a year ago. Collections came in $5.4 million, or 26.1 percent, below forecast. |
