MO collects $652.6M in August

Missouri's general revenue collections increased 2.8 percent to $652.6 million in August, compared to $634.8 million in the same month of the prior fiscal year.

For the first two months of fiscal 2013, which began July 1, the state has collected $1.16 billion, an increase of 6.6 percent from $1.09 billion in the same period in fiscal 2012, according to a Sept. 5 news release from the state Office of Administration.

Fiscal 2013 gross collections by tax type:

• Individual income tax collections decreased 1.2 percent to $764.4 million from $773.8 million during the first two months last fiscal year.
• Sales and use tax collections increased 5.7 percent to $339.4 million from $321 million.
• Corporate income and franchise tax collections dropped 3.1 percent to $27.9 million from $28.8 million.
• All other collections jumped 52.9 percent to $111.4 million from $72.9 million.
• Refunds decreased 22.5 percent to $84.8 million, compared to $109.5 million.

Compared to August 2011, the latest monthly report showed a 0.7 percent increase in individual income tax collections, flat sales and use tax collections, a 17.3 percent drop in corporate income and franchise tax collections, a 10.8 percent increase in all other collections and a 28.2 percent decrease in refunds, according to the release.

State Budget Director Linda Luebbering said the general revenue fund borrowed $100 million during August from the budget reserve fund for cash flow purposes. The funds are scheduled to be repaid by the constitutional deadline of May 15, 2013.