According to this week's report from the Arkansas Department of Finance and Administration, Arkansas continued to exceed forecasted revenue estimates through the month of November. The monthly revenue report exceeded agency forecasts by 12.5% with year-to-date revenues 11.8% above forecast. Revenues collected also exceeded those from the same timeframe in 2019. The estimates offer encouraging news in the midst of economic challenges posed by the ongoing COVID-19 pandemic, which continues its viral spread throughout the state. Despite the encouraging news, warning signs remain with federal aid drying up and many small businesses likely to continue to struggle as the virus continues to lead to reduced economic activity.
Arkansas hit a new daily record of infections on Thursday, December 3rd, with 2,789. The state also recorded 33 COVID related deaths on Thursday. Governor Hutchinson continued to urge Arkansans to head recommendations from the Centers for Disease Control (CDC) and the Arkansas Department of Health (ADH) by limiting or avoiding large indoor group gatherings, wearing masks, maintaining social distance, and frequent washing of hands.
More below:
https://www.arkansasbusiness.com/article/133872/state-revenue-in-november-125-above-forecast
https://talkbusiness.net/2020/12/arkansas-gross-tax-revenue-up-almost-12-for-the-fiscal-year/
https://www.arkansasonline.com/news/2020/dec/03/arkansas-november-tax-haul-sets-record/?news