The Arkansas Department of Finance and Administration released a memo yesterday downgrading its revenue forecast for fiscal year 2014. The forecast for FY 2014 has been revised lower by 0.3 percent from the prior forecast. Net available general revenues are expected to be down 1.7 percent from FY 2013.
Year-to-date revenues have been around $38 million above forecast, but changing income tax policy will lead to a reduction in revenue collections this fiscal year, according to DF&A.
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