LITTLE ROCK, Ark. (AP) - Arkansas finance officials say a drop in sales tax collections pushed the state's revenues below expectations and below last year's figures.
The Arkansas Department of Finance and Administration said Wednesday that the state's net available revenues in August totaled $369.1 million. That's $4.6 million below last year and $3 million below forecast.
The department said the drop was driven by a shortfall in sales tax collections, which totaled $178 million last month. The sales tax collections were $2.8 million below last year and $9.3 million below forecast.
Since there is a one-month lag in sales tax collections, the figures don't reflect last month's back-to-school tax holiday. Officials said consumers may have postponed purchases until the holiday.
Revenues for the year that began July 1 are above forecast by $12.3 million.
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