- Associated Press - Tuesday, August 2, 2016

LITTLE ROCK, Ark. (AP) - 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.

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