LITTLE ROCK, AR - Arkansas' revenues fell below expectations and last year's figures as the state is feeling the impact of its cut in the sales tax on groceries.
The state reports that net available revenues totaled $334.5 million in August for a nearly three percent drop from last year. The revenues were $4.1 million, or a little over one percent, below the state's forecast.
Arkansas chief fiscal officer Richard Weiss says he does not believe the state underestimated the effect of cutting the state's sales tax on groceries from six cents to three cents. The $121 million tax cut took effect July 1.
Weiss says the revenue difference reflects a slight variation and that state estimates are solid.