Around Arkansas, the state is missing millions of dollars in revenue compared to last year.
In January, state general revenue dropped nearly $26 million from last year, and individual income tax revenue is down $41 million.
According to the Department of Finance and Administration’s John Shelnutt, this is because taxpayers overpaid state and local taxes a year ago.
He said this is due to the federal tax cuts, and he’s seeing this across other states as well.
As far as sales tax goes, the state is seeing a small 0.6 percent increase from last year.
In Fayetteville, we’re seeing a consistent five percent increase, according to the chief financial officer for the City of Fayetteville, Paul Becker.
“I will caution everybody, what happens at the state is not necessarily an indicator for us. We’ve done better than the state most of the year,” Becker said.
Becker added that financially, last year was very good for Fayetteville and he expects that trend to continue in the future.