» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 237 | Wednesday, December 05, 2012

Arkansas Sees Slight Increase in Revenues in November

ANDREW DeMILLO | Associated Press

Print | Front Page | Email this story | Comments ()

LITTLE ROCK, Ark. (AP) – The state finance department said Tuesday that Arkansas' revenues in November were slightly ahead of last year's figures and its expectations, numbers that the state's fiscal chief said show Arkansas can't afford more tax cuts next year.

The Department of Finance and Administration said the state's net available revenues last month totaled $350.6 million. That's $7.9 million above last year and $4.6 million above forecast. The state's revenues for the fiscal year that began July 1 total $1.9 billion, which is $53 million above last year and $4.6 million above forecast.

The department in November revised its forecast for the year upward by $99.5 million.

Finance and Administration Director Richard Weiss said the numbers show the state is on track with the forecast, and offer little hope for lawmakers who hoped to avoid cuts to the state's Medicaid program or pass new tax cuts next year.

Gov. Mike Beebe has proposed cutting Arkansas' grocery tax, but only if the state's desegregation payments to three school districts or bond obligations decline by $35 million over a six month period. Republicans, who won control of the Legislature in the November election, have said they want to push for reductions in the income tax and other cuts next year.

"It shows we're pretty close right on forecast," Weiss told reporters. "The forecast as we have it right now still anticipates having to make some big reductions in Medicaid or find some other way to finance it, which would seem to forgo any room for tax cuts from our perspective."

The revenues were boosted primarily by an increase in individual income tax collections, which totaled $192.5 million. That's $8.8 million above last year and $4.9 million above forecast. Sales tax collections totaled $173.2 million, which was $6.3 million above last year but $600,000 below forecast.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 313 4,762
MORTGAGES 97 409 6,640
FORECLOSURE NOTICES 34 147 1,475
BUILDING PERMITS 0 705 11,294
BANKRUPTCIES 53 311 4,525
BUSINESS LICENSES 41 177 1,983
UTILITY CONNECTIONS 64 436 6,253
MARRIAGE LICENSES 19 132 1,373

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.