The state’s year-end finance report shows that Arkansas brought in more money than expected, reports the Associated Press. The report, released Tuesday by the Arkansas Department of Finance and Administration, show that the state’s net available general revenues totaled more than $4.5 billion. That’s 5.8 percent above last year and 2.1 percent above forecast.
The state says some of the increased revenue comes from individual and corporate income taxes. A special year-end transfer from the insurance department also kicked in millions of dollars.
Even though the state ended up with more money than predicted, it lost money in gross receipts taxes. The state’s finance director, Richard Weiss, says that’s largely because people cut back on spending to cope with increased gas and food prices.