LITTLE ROCK — State revenues were up in February compared to a year ago but below forecast, the state’s fiscal office said Friday.
The state’s net available general revenue last month totaled $212.2 million, which was $2 million, or 1 percent, above February 2013 but $4.7 million, or 2.2 percent, below forecast, the state Department of Finance and Administration said.
"What continues to be a drag is sales tax," Gov. Mike Beebe told reporters, adding that collections could be down because of bad weather in January. Sales tax collections in February largely reflect economic activity in January.
February sales tax collections totaled $167 million, down $7.6 million, or 4.3 percent, from last year and $13.8 million, or 7.6 percent, below forecast.
"But the income tax continues to be strong, which means people are working, and we’re pretty much on target, pretty much on track," Beebe said. "I’d like to see sales tax numbers a little stronger, but we’ll see how much of that is the weather and how much is the economy."
Individual income tax collections totaled $226.7 million, which was $28.5 million, or 14.4 percent, above last year and $14.7 million, or 7 percent, above forecast.
Corporate income tax collections in February totaled $5.5 million, down $2.2 million from a year ago and $1.8 million below forecast.
The state’s revenue for the fiscal year that began July 1 is $3.2 billion, which is up $54.7 million, or 1.7 percent, from a year ago and $34.9 million, or 1.1 percent, above forecast.