Sales tax collections boost Ark. revenue in May
LITTLE ROCK, Ark. (AP) - Arkansas finance officials say a boost in sales tax collections helped keep the state's revenue above expectations last month.
The Arkansas Department of Finance and Administration said Tuesday the state's net available revenue in May totaled $334.2 million. That's $2 million below the same month last year, but $8.4 million above forecast.
The state's year-to-date revenue total $4.4 billion, which is $172.4 million above forecast. Arkansas' fiscal year ends June 30.
The revenue in May was mainly driven by sales tax collections, which totaled $183.9 million. That's $12 million above last year and $4.7 million above forecast.
Individual income tax collections totaled $201.1 million, which was $4.8 million below last year and $3.8 million above forecast.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.