DALLAS -- Arkansas revenues came in nearly $10 million below projections in September, state officials said.
At $520.7 million, state revenues were $2.1 million below the same month last year and $9.7 million below the state's forecast.
Finance officials say a drop in sales tax collections accounted for $8.1 million of the decline. In September, sales tax collections totaled $183.7 million or $3.1 million less than the same month last year.
The state's net available revenue for the fiscal year that began July 1 is now below forecast by $7.1 million or 0.5%. Compared to the previous fiscal year, revenues are $1.3 million or 0.1% higher, officials said
"September results were below forecast in all major categories of collections," John Shelnutt, head of economic analysis and tax research for the state, reported.
"Sales tax collections accounted for $8.1 million of the decline for the month against forecast," Shelnutt's report added. "Individual Income tax collections were down 1.5% from year ago results and below forecast by $4.1 million, largely due to payroll timing effects in the withholding category."
Corporate income tax collections were $1.1 million below forecast, Shelnutt reported.
Among smaller revenue sources, tobacco was below year ago levels and below forecast. Gambling results again exceeded forecast and continued to display double-digit growth over year ago revenue.
Arkansas carries general obligation bond ratings of AA from Standard & Poor's and Aa1 from Moody's Investors Service, with stable outlooks.
