Arkansas’ general revenue tax collections in July exceeded the state’s forecast by $51.6 million or 9.4%, the state Department of Finance and Administration reported Tuesday morning.
Total general revenue collections last month dropped by $166.5 million or 21.7% from a year ago to $600.3 million.
That’s because the state last year shifted its individual income tax filing and payment deadline in fiscal 2020 from April 15, 2020, until July 15, 2020 to coincide with the federal government’s changes in the deadline amid the covid-19 pandemic.
The state’s individual income and sales and use tax collections in July both exceeded the state’s forecast.
They are the state’s two largest sources of general revenue.
Tax refunds and some special government expenditures are taken off the top of total general revenue collections, leaving a net amount that state agencies are allowed to spend.
The net in July dropped by $151 million or 22.7% from a year ago to $514.9 million, but exceeded the state’s forecast by $39.2 million or 8.2%. July is the first month of fiscal 2022.
In fiscal 2021, the state’s general revenue surplus totaled $945.7 million, more than twice the previous record of $409.3 million in fiscal 2007, according to the finance department.