Posted by Kim Reeve on January 4th 2012
The monthly State General Revenue Report for December was released today by the Arkansas Department of Finance and Administration. The report showed that December's revenue was above last year and the current forecast. (Year-to-date revenue collections were up as well.)
Net available revenue totaled $418.7 million in December, which is $36.9 million or 9.7 percent above last year. This is also $31.5 million or 8.1 percent above the forecast. This growth was higher than forecasted in all major revenue categories (especially for both individual and corporate income tax collections).
Individual income tax collections in December totaled $206.9 million, representing $19.5 million or 10.4 percent above last year. That's $14.7 million or 7.7 percent above forecast. Corporate income tax collections totaled $66.7 million, an increase of $14.5 million or 27.7 percent above last year. This is also $13.2 million or 24.7 percent above the forecast.
Year-to-date individual income tax collections were $1.24 billion, which is $66.3 million or 5.6 percent above last year and is $41 million or 3.4 percent above forecast. Corporate income tax collections so far this fiscal year totaled $203.9 million, which is an increase of $22.8 million or 12.6 percent above both last year and the forecast.
Medicaid Program Trust Fund collections to this point in fiscal year 2012 totaled $24 million, an increase of 0.3 percent. The Educational Adequacy Trust Fund collections were up this month with $35.7 million, a 3.9 percent increase over last year.