Four months into the fiscal year, the state has collected $73.1 million less in gross general revenue compared to the same time period last year — a decrease of 2.6% — according to a report released today by the Arkansas Department of Finance and Administration. The fiscal year began on July 1.
The 2.6% year-to-date decrease is larger than the 1.1% year-to-date decline reported last month. Still, the state’s gross general revenue collection remains above forecast by $148.6 million, or 5.8%.
To date, gross general revenue collections are just over $2.7 billion. Sales and use tax collections so far this fiscal year total $1.16 billion, which is 2.2% above the same period in the prior fiscal year and 2.1% above the state’s forecast for this year.
For October specifically, net available general revenues were down by $92.6 million or 15.3% over October 2022, while gross general revenue collections were lower by $50.8 million or 7.1%. Nevertheless, those figures were 1.5% and 2.5% above forecast amounts, respectively.
Also of note in the report: $58 million was added to the Educational Adequacy Fund in October, a 1.8% increase over the same period in 2022.
The complete October report from the state can be read here.