Arkansas revenue meets expectations at fiscal year’s start

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Arkansas starts the fiscal year with meeting revenue expectations

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LITTLE ROCK, Ark. (AP) — Arkansas finance officials say the state’s revenue met expectations at the start of the fiscal year, even though collections came in lower than the same time last year.

The Department of Finance and Administration on Friday said the state’s net available revenue in July totaled $462.8 million. That’s $6.5 million below the same month last year and didn’t depart from the forecast for the month.

Arkansas’ 2020 fiscal year began July 1.

Individual income tax collections were above forecast but below July 2018 figures. Sales tax collections were below forecast and below the same month last year.

Finance officials last month said the state ended the 2019 fiscal year with a $295 million surplus.

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