The Arkansas Department of Finance and Administration recently released its November report, indicating that the state’s fiscal year revenue has surpassed expectations by over $144 million. The report highlights that the net available revenue for the year to date stands at $2,762.5 million, which is 5.5% higher than the projected amount. Moreover, the gross general revenue for November alone reached $3,324.4 million, exceeding the forecast by $176.8 million.
Significantly, income tax refunds witnessed a significant surge, totaling $205.8 million for the year, surpassing the previous November by 94.3% or $99.9 million. Of this refund amount, individual income tax refunds accounted for $62.9 million in November, marking a $32.5 million increase from the same period last year. However, corporate claims fell short of projections at $5.6 million for November, reflecting a $13.3 million discrepancy.
The report also revealed that the tobacco tax exceeded the November forecast by $1.3 million, while gaming revenue met the projected amount precisely at $3.9 million.
In terms of education funding, the Educational Adequacy Fund received $59.9 million in November, indicating a 7.3% rise from the previous year. Established in 2004, this fund aims to support quality education within the state.
The positive revenue results for November, the fifth month of the fiscal year, not only highlight Arkansas’ economic strength but also suggest potential growth and financial stability across various sectors.
These figures bode well for the state’s financial outlook, providing a positive trajectory for the rest of the fiscal year. As Arkansas continues to outperform revenue projections, it positions itself for increased investments in crucial areas such as education and infrastructure.
