State tax revenue showed modest gains in November, with gross revenue in November of $457.8 million. That's 2.1 percent more than the same month a year ago and $1.8 million, or .4 percent, above forecast.
Sales tax revenue — an important barometer — were up 2.8 percent year to
year, but 1.4 percent below forecast.
Friday, Gov. Asa Hutchinson ordered a $22 million reduction in the revenue forecast for the year,
but didn't order a change in the $5.45 billion budget.
The governor reduced the forecast because of lagging sales and income tax collections. A budget change wasn't immediately required because adjustments in the forecast also included a reduction in the amount expected to have to be spent on income tax refunds.
For the first four months of the year, gross revenue was up by $39.1 million, or 1.6 percent, but below forecast by $21.1 million.
Here's the full report.