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Arkansas November Revenue Report Exceeds Forecast by More Than $144 Million for Fiscal Year

Arkansas Exceeds Revenue Projections for Current Fiscal Year

The Arkansas Department of Finance and Administration has reported that the state has surpassed revenue projections for the current fiscal year. According to the most recent report, the state has accrued a total of $2,762.5 million in net available revenue for the year to date, which is $144.1 million, or 5.5% above the initial forecast.

The report for November highlighted that the state’s net available revenue was higher than forecast in all major collection categories. Gross general revenue through November is $3,324.4 million, which is $176.8 million above the November forecast.

Individual income tax refunds have seen a considerable increase, currently totaling $205.8 million for the year, which is a significant 94.3% higher than November of the previous year. In November alone, individual income tax refunds were $62.9 million, $32.5 million above the previous year.

It was reported that while individual claims were above forecast, corporate claims were lower than what was initially predicted. Similarly, tobacco tax revenue was $1.3 million above the November forecast, while gaming revenue matched the forecast at $3.9 million.

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The Educational Adequacy Fund, which was established in 2004 to support education in the state, received $59.9 million in funding for November, marking a 7.3% increase from the previous year.

November is the fifth month of the state’s fiscal year, and the strong revenue numbers are promising for the state’s financial outlook.