State's revenue down in October
Posted: November 2, 2012 at 11:20 a.m.
LITTLE ROCK General revenue in October came in below last year's totals and below forecast, the state Department of Finance and Administration said Friday.
Gross revenue was $442.5 million, about 3.3 percent below last year and 2 percent below forecast.
The agency said the figures were lower by more than $15 million in large part because of a temporary downsizing in individual income tax from payroll timing in withholding tax. There was also an upswing in corporate income-tax refunds.
Sales and use taxes were down in business and consumer-related categories, while the sales tax on automobile sales rebounded, the department said in its monthly report.
Overall in October, the total $171.3 million collected in sales and use taxes were down from a year ago by about $1.1 million, a decline of 0.6 percent. They came in 4.6 percent below forecast.
Year-to-date net available gross general revenue through October stands at $1.88 billion, which is $39.1 million, or 2.1 percent, higher than last year. The total is above forecast by $28.8 million or 1.6 percent.