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Little Rock, Arkansas - The Arkansas Department of Finance and Administration recently released its state revenue report for December 2023, providing a comprehensive overview of the state's financial health. The report details various aspects of the state's revenue collections, with many of the figures being down from the previous year, but higher than what had been forecasted for the period.

Key Points

• Net Available General Revenues for the year-to-date 2023 totaled $3,429.3 million, which is $182.1 million or 5.0 percent below the levels of the previous year. However, these revenues are above the forecast by $216.4 million or 6.7 percent.
• Gross General Revenues amounted to $4,093.0 million, showing a decrease of $52.3 million or 1.3 percent compared to last year, but are $250.7 million or 6.5 percent above the forecast.
• Individual Income Tax collections reached $1,730.5 million, down by $38.0 million or 2.1 percent from FY 2023, yet they are $115.6 million or 7.2 percent above the forecast.
• Individual Income Tax Refunds increased to $225.4 million, up by $105.8 million or 88.5 percent from last year and are $32.0 million or 16.6 percent above the forecast.
• Sales and Use Tax collections totaled $1,743.3 million, marking an increase of $52.5 million or 3.1 percent over FY 2023, and are $45.7 million or 2.7 percent above the forecast.
• Corporate Income Tax collections were at $337.9 million, down by $69.0 million from FY 2023, yet above the forecast by $89.0 million or 35.8 percent.
• Corporate Income Tax Refunds reached $39.1 million, an increase of $7.5 million from the same period last year.