On Tuesday, March 2nd, the Arkansas Department of Finance and Administration (DFA) reported to the General Assembly that gross revenue for fiscal year-to-date (July 2020 to February 2021) is $4.913 billion, up 8.4% compared with the same period in 2019-2020 and up 11.6% over the budget forecast. Part of the gain includes a shift in collections when the 2020 tax due date was moved from April to July, according to DFA.
Tuesday’s report also showed a fiscal year-to-date revenue surplus of $529.1 million. However, legislators remain cautious on the estimates because much of the revenue was related to one-time federal aid monies that were provided by Congress in response to the ongoing COVID-19 pandemic. In addition, tax cuts already approved by the legislature related to the federal aid is expected to have a revenue impact of greater than $200 million in the upcoming fiscal year.
More below:
https://www.arkansasonline.com/news/2021/mar/03/revenue-dips-16-in-february/