Arkansas began its fiscal year last month ahead of predictions and last year's figures, buoyed by a large amount of revenue from unclaimed property, state officials said Monday.
Arkansas' net available revenues in July totaled $371.2 million, $19.6 million above last year for a 5.6 percent jump. The figures were $20.9 million, or 6 percent, above forecast.
The state's fiscal year began July 1.
Arkansas Department of Finance and Administration Director Richard Weiss said a large part of the jump came from $13.7 million in proceeds from unclaimed property. Weiss said the state's budget numbers are on track when the unclaimed property figures aren't taken into account.
"When you wash that out, we're very close to being right on forecast," Weiss said.
Individual income taxes totaled $179.2 million, and collections decreased by $2.9 million for a 1.6 percent drop from last year. Income tax collections are $1.7 million below forecast for a .9 percent drop.
Sales tax collections totaled $188.7 million for a $9.5 million, or 5.3 percent, increase over last year. Collections were above forecast by $7 million or 3.9 percent
Corporate income tax collections totaled $15.4 million for a $13.5 million decrease from last year, a 46.7 percent drop. Corporate tax collections were $5.4 million below forecast for a 26.1 percent drop.
The state reported last month building a $176.5 million surplus over the last budget year that ended June 30 — nearly double original projections of $81.7 million. The extra money, plus another $83 million the state already had left over, means lawmakers will return to the Capitol with $259.5 million available in the state's General Improvement Fund — typically used to fund one-time projects.
Weiss said the latest revenue figures don't yet show a need to revisit a decision to cut $107 million from state agencies' budgets for the current fiscal year. Gov. Mike Beebe has said he'll consider restoring some of that funding if revenues come in above projections.
In preparation for next year's session, the governor has asked state agencies to prepare three different budgets for the next two-year cycle, including one that would cut their spending by 7 percent.
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Arkansas began its fiscal year last month ahead of predictions and last year's figures, buoyed by a large amount of revenue from unclaimed property, state officials said Monday.
Arkansas' net available revenues in July totaled $371.2 million, $19.6 million above last year for a 5.6 percent jump. The figures were $20.9 million, or 6 percent, above forecast.
The state's fiscal year began July 1.
Arkansas Department of Finance and Administration Director Richard Weiss said a large part of the jump came from $13.7 million in proceeds from unclaimed property. Weiss said the state's budget numbers are on track when the unclaimed property figures aren't taken into account.
"When you wash that out, we're very close to being right on forecast," Weiss said.
Individual income taxes totaled $179.2 million, and collections decreased by $2.9 million for a 1.6 percent drop from last year. Income tax collections are $1.7 million below forecast for a .9 percent drop.
Sales tax collections totaled $188.7 million for a $9.5 million, or 5.3 percent, increase over last year. Collections were above forecast by $7 million or 3.9 percent
Corporate income tax collections totaled $15.4 million for a $13.5 million decrease from last year, a 46.7 percent drop. Corporate tax collections were $5.4 million below forecast for a 26.1 percent drop.
The state reported last month building a $176.5 million surplus over the last budget year that ended June 30 — nearly double original projections of $81.7 million. The extra money, plus another $83 million the state already had left over, means lawmakers will return to the Capitol with $259.5 million available in the state's General Improvement Fund — typically used to fund one-time projects.
Weiss said the latest revenue figures don't yet show a need to revisit a decision to cut $107 million from state agencies' budgets for the current fiscal year. Gov. Mike Beebe has said he'll consider restoring some of that funding if revenues come in above projections.
In preparation for next year's session, the governor has asked state agencies to prepare three different budgets for the next two-year cycle, including one that would cut their spending by 7 percent.
