On Tuesday, August 4th, the Arkansas Department of Finance and Administration reported that Arkansas's revenue collections continue to outperform previous estimates made in light of the COVID-19 pandemic. The estimated negative effect of the economic downturn for the month of July was $74 million, which was significantly less than the $170 million that was forecasted. While collections were better than anticipated, State tax officials still warn that revenue declines in future months are still expected for the 2020-2021 fiscal year due to the economic decline associated with the COVID-19 pandemic. They credited federal spending for also playing a key role in mitigating the economic and revenue impacts to the state.
More below:
https://www.arkansasbusiness.com/public/July_2020_General_Revenue_Report.pdf