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.
(Advertisement)
« Previous Story
Two arrested after donation jar theft leads t...
James Roork, 26, and Denise Marie Berry, 25, are in custody after police used spike strips to stop their vehicle on Interstate-540 near West Fork Friday morning. Fayettevi... Read »
Next Story »
Mankin: Veterans Day is call to service
Veterans Day is about service, retired Marine Cpl. Aaron Mankin told families gathered at Westside Elementary... Read »
Comments
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Please read our comment policy.
Use the comment form below to begin a discussion about this content.
Registration is required to make comments. Click here to LOGIN.
You can register for FREE to post comments and receive alerts.