(The Center Square) – Arkansas’ net available revenue is 6.5% over forecast, according to the latest figures from the Department of Finance and Administration.
“Revenues are $108 million above forecast after the first quarter of Fiscal Year 2024, pointing toward continued strength in the Arkansas economy,” said Jim Hudson, DFA Secretary.
Compared to last year, the figures are 4%, or 73.3 million, less than this year’s totals.
Revenues were above this year’s forecast but below the totals from September 2022. The monthly net available revenue is $705.9 million, 11.9% above the forecast for this year but 7.9% below last year’s numbers. The exception is sales and use tax collections, which increased $8.2 million compared to September last year.
The differences were expected because of tax cuts, including income tax cuts, approved by the Arkansas Legislature this year and in previous years, according to DFA.
The state’s surpluses were over $1 billion in the past two years–$1.6 billion in fiscal year 2022 and $1.1 billion in fiscal year 2023, according to the DFA.
Another economic indicator, the Mid-America Manufacturing Index from Creighton University, showed a decline in the state’s business index from 58.9 to 59.5 in August. The state’s exports declined slightly during the first seven months, from $3 million in 2022 to $2.9 million this year. Exports of transportation equipment fell 12% during the same period, according to the report.
Arkansas is one of nine states included in the Creighton University report.
