LITTLE ROCK, Ark. (AP) - Arkansas' revenue during May was less than last year's level, but under a new forecast adopted last month money available for the state to spend is 1.2 percent above expectations.
After a number of months in which revenue fell short of expectations, Arkansas last month revised its budget downward. On Friday, the Department of Finance and Administration said it was largely hitting the new targets.
Individual income tax refunds were 7.1 percent below the amount forecast, while income tax money collected through the withholding tax was up - both benefiting the state.
Tobacco tax revenues, gaming revenues and sales and use tax collections were also up. DF&A said the sales and use tax was up because last year's revenue figures accounted for refunds issued as part of a court settlement.
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