LITTLE ROCK - Arkansas finance officials say the state's net available revenue for July fell 1.7 percent below expectations, but was 0.4 percent more than the same month a year ago.
The state Department of Finance and Administration said Tuesday that net revenue totaled $400.6 million - 7 percent below the official forecast but $1.4 million above July 2015.
Finance officials say individual income tax collections increased by $9.8 million to $210.6 million and is $5.8 million more than forecast, but are offset by drops in corporate income taxes and sales and use taxes.
Corporate income taxes were $6.9 million - down $13.5 million from a year ago and $14.4 million below forecast. Sales and use taxes were $193.1 million - about the same as last year but $8.9 million less than forecast.
Arkansas July 2016 General Revenue Report
Numbers given in millions of dollars ($)
| July FY16 (Actual) | July FY17 (Forecast) | July FY17 (Actual) | |
| Individual Income | 200.9 | 204.8 | 210.6 |
| Corporate Income | 20.4 | 21.3 | 6.9 |
| Sales & Use | 193.1 | 202.0 | 193.1 |
| Alcoholic Beverage | 5.4 | 5.4 | 5.6 |
| Tobacco | 20.9 | 19.5 | 17.1 |
| Insurance | 0.7 | 0.7 | 1.1 |
| Racing | 0.2 | 0.2 | 0.2 |
| Games of Skill | 4.1 | 4.1 | 4.6 |
| Miscellaneous* | 21.2 | 18.0 | 28.5 |
| TOTAL GROSS | 466.8 | 476.0 | 467.8 |
* Miscellaneous includes severance, corporate franchise, real estate transfer, dyed diesel, and other miscellaneous taxes
Funds removed from total gross
| July FY16 (Actual) | July FY17 (Forecast) | July FY17 (Actual) | |
| State Central Services Fund and Constitutional Officers Fund |
14.9 | 15.2 | 15.0 |
| Indiv Income Tax Refunds | 9.6 | 8.0 | 5.9 |
| Corp Income Tax Refunds | 1.3 | 1.2 | 2.8 |
| Claims | 0.0 | 0.0 | 0.0 |
| Econ Devel Incentive Fund | 0.9 | 1.9 | 1.5 |
| Water/Sewer Bonds | 1.3 | 1.3 | 1.3 |
| College Savings Bonds | 0.0 | 0.0 | 0.0 |
| City & County Tourist | 0.3 | 0.2 | 0.2 |
| School Desegregation | 12.0 | 12.0 | 12.0 |
| Educational Excellence | 25.1 | 26.3 | 26.1 |
| Educational Adequacy | 2.2 | 2.3 | 2.3 |
| TOTAL DEDUCTIONS | 67.6 | 68.4 | 67.1 |
| NET AVAILABLE | 399.2 | 407.6 | 400.6 |
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