Mo. boosts revenue collections in October

Missouri collected $563 million in general revenue last month, marking a 6.1 percent increase compared to October 2013.

During the first four months of the state’s fiscal year, collections are up 4.3 percent to $2.59 billion compared to the same period last year, according to a news release.

Fiscal 2015 gross collections by tax type:

• Individual income tax collections have increased 5.8 percent to $1.84 billion this year.
• Sales and use taxes are up 3.3 percent to $666 million.
• Corporate income and franchise tax collections decreased 2.2 percent to $160.7 million.
• All other collections inched up 0.6 percent to $105 million.
• Refunds rose 8.3 percent to $185.9 million.

Compared to October 2013, last month’s individual income tax collections increased by 6.4 percent; sales and use tax collections bumped up 2.4 percent; corporate income and franchise tax collections experienced a 1.2 percent rise; all other collections jumped 32.3 percent; and refunds moved up 1.7 percent, according to the release.

Missouri Budget Director Linda Luebbering noted in the release the state’s general revenue fund borrowed $100 million from the budget reserve fund to stimulate cash flow last month, bringing the total borrowed to $300 million for the year. Funds are due to be repaid by the constitutional deadline of May 15.