MO revenue collections drop in December

Though the state's December net general revenue collections decreased by 2.1 percent to $652.8 million from $667.1 million in the same month the prior year, fiscal 2012 year-to-date collections have increased.

Revenues through December for the fiscal year are up 1.2 percent to $3.49 billion, compared to $3.45 billion in the same period the previous fiscal year, according to a news release. The state's fiscal year began in July.

Fiscal 2012 gross collections by tax type:

• Individual income tax collections increased 2.2 percent to $2.49 billion, compared to $2.44 billion at the same time in fiscal 2011.
• Sales and use tax collections rose 2.2 percent to $918.2 million from $898.3 million.
• Corporate income and corporate franchise tax collections jumped 10.6 percent to $218.5 million, compared to $244.6 million;
• All other collections have fallen 22.9 percent to $168.8 million from $219.1 million.
• Refunds have decreased by 12.3 percent to $307.9 million, compared to $351 million.

Compared to the same month the prior year, December individual income tax collections were up 0.1 percent; sales and use tax collections decreased 4 percent; corporate income and corporate franchise tax collections fell 10.5 percent; all other collections dropped by 27.9 percent; and refunds decreased by 30.2 percent, according to the release.

State Budget Director Linda Luebbering noted in the release that the General Revenue Fund has borrowed $75 million from the Budget Reserve Fund for cash flow purposes. Those funds are expected to be repaid before the constitutional deadline of May 15, the release said.[[In-content Ad]]