Store Revenue Collections Up

LITTLE ROCK, AR - Overall state revenues for January came in slightly above forecast, though not all categories brought in more money than expected.

Gross general revenue for the month came to $526.5 million, up $4.3 million, or 0.8 percent, from a year ago.  The sum was $15.7 million or 3.1 percent above forecast.

Officials with the Dept. of Finance and Administration said the revenue increase was from collections of individual income taxes.  The state collected $307.6 million, up $23.9 million, or 8.4 percent, from January a year ago.  The amount was affected by reduced consumption of construction materials and equipment.

Gross receipts collections dipped to $183.2, down $15.1 million, or 7.6 percent, from January 2007.  Officials said the decline was due to reductions in the state sales tax that were put in place at the start of the fiscal year.

For the year, gross general revenues are $3.1 billion, $98.1 million, or 3.3 percent, above last year.  The sum is $115.6 million, or 3.9 percent, greater than forecast.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)