The Arkansas Department of Finance and Administration’s July revenue report released this morning shows July net available general revenue at $454.5 million. That’s 2.4 percent above forecast, or a $53.8 million increase over collections for July of last year.
Sales tax was slightly below forecast (0.7 percent), but better-than-expected individual and corporate income tax collections more than made up the difference. Tobacco and soft drink taxes were down slightly.
The July report is the first of fiscal year 2018. In June, the state ended the 2017 fiscal year with a $15.7 million surplus.