The monthly State General Revenue Report for October was released today by the Arkansas Department of Finance and Administration. It showed that this month’s revenue was slightly below the current forecast while the year-to-date collections were slightly above forecast.

The details:

Net available revenue for October totaled $364.6 million, which is $10.1 million or 2.9 percent above last year. But that’s $5.9 million, or 1.6 percent, below forecast. Total collections were higher than anticipated but there was also a higher than expected amount of corporate income tax refunds. Sales tax collection remains weaker than forecasted. Year-to-date collections were $1,578.1 million, which is $42 million or 2.7 percent above last year and $9.9 million or 0.6 percent above the forecast.

Individual income tax collections this month totaled $228.8 million, which represents a $22.5 million or 10.9 percent increase over last year. That’s a $12.3 million, or 5.7 percent increase, over the forecast. Corporate income tax collections were also up in October totaling $24.8 million, an increase of $1.7 million or 7.2 percent over last year or $1.7 million or 7.5 percent over the forecast.

Year-to-date collections for individual income tax totaled $52.9 million or 6.6 percent above last year and $31 million or 3.8 percent above forecast. Corporate income tax collections this fiscal year have totaled $127 million, which is $6.8 million or 5.7 percent above last year and is $6.7 million or 5.6 percent above the forecast.

Corporate income tax refunds totaled $20.8 million last month which was $19 million more than last year’s level. So far this year, a total of $26.7 million in corporate tax refunds were made. This is an increase of $19.7 compared to this same period last year. This increase can be attributed to large refunds from losses that were carried forward and overestimated payments.

Medicaid Program Trust Fund collections so far this fiscal year totaled $16.7 million, an increase of 0.7 percent over last year. The Educational Adequacy Trust Fund collections were down slightly this month with a total of $34.7 million, a 0.9 percent decrease from last year.