LITTLE ROCK, Ark. (AP) - Arkansas finance officials say a court settlement and reduced utilities tax collections pushed the state’s revenue below expectations in May, but above the same month last year.
The state Department of Finance and Administration on Thursday said the state’s net available revenue in May totaled $338.2 million. That’s $2.3 million above the same month last year and $5.2 million below the forecast.
Net available revenue so far for the fiscal year that began July 1 totaled $4.8 billion, which is $104.8 million above the forecast.
The department says the state’s revenue was affected by $8.2 million it paid in a court settlement. Individual income tax collections were above forecast as well as the same month last year, while sales tax collections were below May 2015 and the forecast.
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