Arkansas Treasury Enriched by Millions in September Revenue
By: KARK 4 News
Updated: October 2, 2012
The Arkansas Treasury has been enriched by September's revenue.
The state brought in $27.4 million more than expected last month for a gross total of $553.9 million, with $494.7 million of that amount going to net available revenue.
Here's the full report from the State Department of Finance and Administration:
September Net Available General Revenues total $494.7 million, $31.9 million or 6.9 percent above last year and $29.9 million or 6.4 percent above forecast. Results were mainly driven by gains in Individual Income tax from both withholding and estimated payments. Sales and Use taxes were down in both business and consumer related categories, including automobile sales. Corporate income tax was also below forecast but by a small amount.
September Gross General Revenues: September collections total $553.9 million, an increase of $31.7 million or 6.1 percent above last year and $27.4 million or 5.2 percent above forecast.
September Individual Income Tax collections total $275.5 million. Collections increased by $36.7 million, or 15.4 percent compared to last year, largely as a result of calendar effects from payroll timing. With respect to the forecast, collections are $29.8 million or 12.1 percent above forecast. Individual withholding increased 18.1 percent compared to last year as a result of the payroll timing effect. Both withholding and estimated payments contributed to gains during the month.
September Individual Income Tax Refunds total $4.7 million, $2.5 million or -34.8 percent below last year and $2.7 million or -36.3 percent below forecast.
September Sales and Use Tax Collections: September collections total $177.8 million, a decrease of $1.2 million or -0.7 percent from last year. Collections were below monthly forecast levels by $7.2 million or -3.9 percent.
September Corporate Income Tax collections total $66.1 million, a decrease of $5.5 million or -7.8 percent below year earlier levels, and $1.0 million or -1.6 percent below forecast.
September Corporate Income Tax Refunds total $3.6 million. This amount is $0.5 million or 17.6 percent above year ago levels.
September Tobacco Tax collections, a small component of general revenue in annual terms, total $19.6 million or 6.7 percent below year earlier levels, and 6.9 percent above forecast. Monthly changes in tobacco tax collections can be attributed to uneven patterns of stamp sales to wholesale purchasers.
Year-to-date Net Available General Revenues: Year-to-date net available general revenues total $1.2 billion, $54.1 million or 4.5 percent above year ago levels. After one quarter into the fiscal year, net available revenue is above forecast by $42.1 million or 3.4 percent.
Year-to-date Gross General Revenues: Year-to-date gross collections total $1.4 billion, representing an increase of $54.2 million or 3.9 percent above last year. Gross general revenues are above forecast by $37.7 million or 2.7 percent.
Year-to-date Individual Income Taxes: Year-to-date individual income tax collections total $677.4 million, $53.0 million or 8.5 percent above FY 2012 collections and $43.4 million or 6.8 percent above forecast. Collections growth for individual withholding is up 7.6 percent over year ago levels.
Year-to-date individual income tax refunds total $18.7 million, down $2.4 million or -11.5 percent compared to last year and $3.0 million or -14.0 percent below forecast. Amounts below forecast in refund categories contributed to higher net available revenue.
Year-to-date Sales and Use Tax Collections: On a year-to-date basis, sales and use taxes total $533.7 million, a decrease of $5.0 million or -0.9 percent from FY 2012 and $24.0 million or -4.3 percent below forecast.
Year-to-date Corporate Income Taxes: Year-to-date corporate revenues total $95.7 million, a decrease of $6.5 million or -6.3 percent from year-to-date FY 2012. Corporate income tax is above forecast by $0.6 million or 0.6 percent.
Year-to-date corporate income tax refunds total $6.1 million, an increase of $0.2 million compared to the comparable year-to-date period last year.
Year-to-date Soft Drink Tax (for Medicaid Program Trust Fund): Year-to-date collections of the dedicated soft drink tax total $12.0 million, a decrease of $0.5 million or -4.0 percent from last year.
Educational Adequacy Fund: Act 107 of the Second Extraordinary Session of 2003 increased the state sales and use tax rate from 5.125% to 6.0%, effective March 1, 2004. Effective July 1, 2004 a new sales tax on selected services went into effect in addition to an increase in vending machine decal fees. Act 94 increased the minimum corporate franchise tax and the tax rate, effective for calendar years beginning January 1, 2004.
The additional revenues are deposited as special revenues to the Educational Adequacy Fund to be used to fulfill the financial obligations of the state to provide an adequate educational system. In September 2012, $36.9 million was collected and deposited to the fund. After deductions, the net amount is $35.8 million. The monthly collection is equivalent to a -0.7 percent decrease from prior year collections.
The state brought in $27.4 million more than expected last month for a gross total of $553.9 million, with $494.7 million of that amount going to net available revenue.
Here's the full report from the State Department of Finance and Administration:
SEPTEMBER REVENUE SUMMARY
September Net Available General Revenues total $494.7 million, $31.9 million or 6.9 percent above last year and $29.9 million or 6.4 percent above forecast. Results were mainly driven by gains in Individual Income tax from both withholding and estimated payments. Sales and Use taxes were down in both business and consumer related categories, including automobile sales. Corporate income tax was also below forecast but by a small amount.
September Gross General Revenues: September collections total $553.9 million, an increase of $31.7 million or 6.1 percent above last year and $27.4 million or 5.2 percent above forecast.
September Individual Income Tax collections total $275.5 million. Collections increased by $36.7 million, or 15.4 percent compared to last year, largely as a result of calendar effects from payroll timing. With respect to the forecast, collections are $29.8 million or 12.1 percent above forecast. Individual withholding increased 18.1 percent compared to last year as a result of the payroll timing effect. Both withholding and estimated payments contributed to gains during the month.
September Individual Income Tax Refunds total $4.7 million, $2.5 million or -34.8 percent below last year and $2.7 million or -36.3 percent below forecast.
September Sales and Use Tax Collections: September collections total $177.8 million, a decrease of $1.2 million or -0.7 percent from last year. Collections were below monthly forecast levels by $7.2 million or -3.9 percent.
September Corporate Income Tax collections total $66.1 million, a decrease of $5.5 million or -7.8 percent below year earlier levels, and $1.0 million or -1.6 percent below forecast.
September Corporate Income Tax Refunds total $3.6 million. This amount is $0.5 million or 17.6 percent above year ago levels.
September Tobacco Tax collections, a small component of general revenue in annual terms, total $19.6 million or 6.7 percent below year earlier levels, and 6.9 percent above forecast. Monthly changes in tobacco tax collections can be attributed to uneven patterns of stamp sales to wholesale purchasers.
YEAR-TO-DATE REVENUE SUMMARY
Year-to-date Net Available General Revenues: Year-to-date net available general revenues total $1.2 billion, $54.1 million or 4.5 percent above year ago levels. After one quarter into the fiscal year, net available revenue is above forecast by $42.1 million or 3.4 percent.
Year-to-date Gross General Revenues: Year-to-date gross collections total $1.4 billion, representing an increase of $54.2 million or 3.9 percent above last year. Gross general revenues are above forecast by $37.7 million or 2.7 percent.
Year-to-date Individual Income Taxes: Year-to-date individual income tax collections total $677.4 million, $53.0 million or 8.5 percent above FY 2012 collections and $43.4 million or 6.8 percent above forecast. Collections growth for individual withholding is up 7.6 percent over year ago levels.
Year-to-date individual income tax refunds total $18.7 million, down $2.4 million or -11.5 percent compared to last year and $3.0 million or -14.0 percent below forecast. Amounts below forecast in refund categories contributed to higher net available revenue.
Year-to-date Sales and Use Tax Collections: On a year-to-date basis, sales and use taxes total $533.7 million, a decrease of $5.0 million or -0.9 percent from FY 2012 and $24.0 million or -4.3 percent below forecast.
Year-to-date Corporate Income Taxes: Year-to-date corporate revenues total $95.7 million, a decrease of $6.5 million or -6.3 percent from year-to-date FY 2012. Corporate income tax is above forecast by $0.6 million or 0.6 percent.
Year-to-date corporate income tax refunds total $6.1 million, an increase of $0.2 million compared to the comparable year-to-date period last year.
SPECIAL REVENUES OF NOTE
Year-to-date Soft Drink Tax (for Medicaid Program Trust Fund): Year-to-date collections of the dedicated soft drink tax total $12.0 million, a decrease of $0.5 million or -4.0 percent from last year.
Educational Adequacy Fund: Act 107 of the Second Extraordinary Session of 2003 increased the state sales and use tax rate from 5.125% to 6.0%, effective March 1, 2004. Effective July 1, 2004 a new sales tax on selected services went into effect in addition to an increase in vending machine decal fees. Act 94 increased the minimum corporate franchise tax and the tax rate, effective for calendar years beginning January 1, 2004.
The additional revenues are deposited as special revenues to the Educational Adequacy Fund to be used to fulfill the financial obligations of the state to provide an adequate educational system. In September 2012, $36.9 million was collected and deposited to the fund. After deductions, the net amount is $35.8 million. The monthly collection is equivalent to a -0.7 percent decrease from prior year collections.
