LITTLE ROCK - Arkansas revenue officials say a decline in income tax refunds kept the state's revenue above expectations and last year's numbers, despite a drop in tax collections.
The Arkansas Department of Finance and Administration on Wednesday said the state's net available revenue in February totaled $279.9 million. That's $61.6 million above February 2015 and $31.8 million above forecast.
The state's net revenue so far for the fiscal year is $3.4 billion, which is $74.4 million above the same point last year. Officials last month revised the state's forecast, predicting a $35.9 million surplus by year's end. Wednesday's report puts state revenue $31.8 million above that figure.
Individual income tax collections in February were below forecast and last year's figures. Sales tax collections were slightly above last year's figures but below forecast.
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