Higher state revenues pad K-12 budget

Missouri’s general revenue collections for January bring the 2011 fiscal year-to-date figure to $4.13 billion, a 6 percent increase compared to $3.88 billion at the same time in fiscal 2009, according to a news release from state budget director Linda Luebbering.

With the increase in collections, Gov. Jay Nixon has roped off $10 million in additional funding for the state's elementary and secondary education.

“This uptick in state revenue allows us to provide additional funds to help schools statewide pay for K-12 transportation,” Nixon said in the release.

Net general revenue collections for January were $650.4 million, a 16 percent increase from January 2010 collections of $561.2 million.

Gross collections by tax type:

• Individual income tax collections increased 3 percent for the year to $2.96 billion, compared to $2.88 billion last year.
• Sales and use tax collections increased 1 percent to $1.05 billion from $1.04 billion last year.
• Corporate income and corporate franchise tax collections increased 8 percent to $264.4 million, compared to $245.3 million at the same time last year.
• All other collections increased 17 percent to $276.2 million, compared to $235.4 million last year.
• Refunds decreased 16 percent to $427.4 million, compared to $508.7 million last year.

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