LITTLE ROCK — State revenues in March were up from a year ago and above forecast, the state’s fiscal office said Friday.
The state’s net general available general revenue last month was $386.5 million, which was $40 million, or 11.6 percent, above March 2o13 and $43.3 million, or 12.6 percent, above forecast.
March sales tax collections totaled $183.1 million, which was $12.6 million, or 7.4 percent, above last year and $6.6 million, or 3.7 percent, above forecast.
Individual income tax collections in March totaled $246.6 million, which was $27.6 million, or 12.6 percent, above last year and $22.3 million, or 9.9 percent, above forecast. The state Department of Finance and Administration said the month saw better-than-expected payroll withholding tax and higher payments from tax returns.
But DF&A Director Richard Weiss said Wednesday that “you just can’t really glean anything out of the numbers at this time of the year.”
“Right now we’re in the middle of filing season,” he said. “There’s going to be all kinds of ups and downs as stuff comes in, as we process it, so there’s not really anything to read out of the thing as far as what the economy’s doing.”
Corporate income tax collections in March totaled $65.8 million, which was down $4 million from a year ago but $2.8 million above forecast.
The state’s revenue for the fiscal year that began July 1 is $3.6 billion, which is $94.8 million, or 2.7 percent, above a year ago and above forecast by $78.2 million, or 2.2 percent.