August general revenue for state down slightly
Posted: September 5, 2012 at 9:34 a.m.
LITTLE ROCK The state collected $369.1 million in general revenue in August, down $4.6 million, or 1.2 percent, from August last year and $3.0 million, or 0.8 percent, below forecast, the state reported Wednesday morning.
That resulted mainly from a shortfall in sales-and-use tax collections, with results falling below forecast and year-ago levels, possibly because of the back-to-school sales-tax holiday, although that isn’t known for sure, fiscal chief Richard Weiss said.
Sales-and-use taxes were down in all business and consumer-related categories except automobile sales.
Individual income tax came in just above forecast. Corporate income tax was below forecast but in a traditionally low month of collections for that category.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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