Arkansas’ Revenues Rise Above Forecast; Insurance Dept. Funds Help

A state finance report shows that Arkansas brought in more money than expected during the 2011 fiscal year.

The report, released by the Arkansas Department of Finance and Administration, show that the state’s net available general revenues totaled more than $4.5 billion for the fiscal year that ended on June 30. That’s 5.8 percent above last year and 2.1 percent above forecast.

Some of the increased revenue comes from individual and corporate income taxes. A special year-end transfer from the insurance department also kicked in millions of dollars.

Even though the state ended up with more money than predicted, it brought in less money from gross receipts taxes than expected. The state says that’s largely because people cut back on spending to cope with increased gas and food prices.