November 4, 2003 - Posted at 4:40 p.m. CDT
LITTLE ROCK, AR - Arkansas' chief fiscal officer blamed a $12.3 million shortfall in October revenue collections on an error in calculating the corporate income tax estimate.
But Ricard Weiss also acknowledged today that the state's economic output has not kept pace with the national recovery.
The nation's manufacturers registered their highest level of activity in nearly four years last month, signaling the national economy is growing at a robust rate.
The positive manufacturing numbers suggest that the economy will show sound growth in the current quarter.
By comparison, the Arkansas Department of Finance and Administration reported today that net available general revenues since the fiscal year began July 1 were 4.5 percent more than at the same time a year ago.
Weiss said the growth certainly is not up there with the national economic progress.