Arkansas Revenue Increase By $44 Million Compared To 2022, February Report Says

Arkansas experienced a general revenue increase by $44 million compared to February of last year. Reports say the general revenue also increased to $572.4 million compared to last month.

The general revenue collected in the month of February exceeded the monthly revenue forecast of the Department of Finance and Administration (DFA) of Arkansas on March 1. This means that the general revenue surpassed the Arkansas DFA’s forecast by $58.3 million or 11.3%. In addition, compared to the month of February last year, Arkansas also experienced a general revenue increase by $44 million or 8.3%. This means that the general revenue has increased to $572.4 million compared to 2022.

According to Wickline, the secretary for the finance department, Larry Walther, stated that the revenue increase was more than what was expected for the month of February. He also said that tax refunds are keeping up with the forecast during the 2023 tax season.

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Tax Refunds Taken Off of General Revenue Increase

An article on Talk Business & Politics states that tax refunds are generally taken off of the total general revenue collected. After the tax refunds are taken out, a net amount is left that can be spent by state agencies based on the amount allowed by Arkansas’ Revenue Stabilization Act.

Reportedly, Arkansas’ net tax revenue for the last month has decreased by $4.6 million to $402.1 million. This is a 1.1% decrease from what was the net tax revenue in February 2022. Fortunately, the amount surpassed Arkansas’ forecast on November 10 by $55 million or 16%.

Furthermore, Arkansas experienced a total general revenue increase by $318.2 million compared to the same period in the 2022 fiscal year. This means that the revenue increased to $5.5 billion, exceeding the forecast by $262.7 million or 5%. Reportedly, February is the eight month of the 2023 fiscal year. This is because the fiscal year started last July 1 and will end on June 30 this year.

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