Mo. starts fiscal year with increased revenue collections

Missouri brought in $512.9 million in net general revenue collections during the first month of its fiscal year, a 6.5 percent increase compared to $481.4 million in July 2013, according to a news release.

Gross collections by tax type:

• Individual income tax collections increased 9.2 percent to $373.4 million from $341.9 million at the same time last year.
• Sales and use tax collections dipped 0.2 percent to $150.9 million from $151.3 million.
• Corporate income and franchise tax collections decreased 7.2 percent to $17.2 million from $18.6 million.
• All other collections rose 32.6 percent to $70.4 million from $15.4 million.
• Refunds increased by 7.3 percent to $49 million from $45.6 million.

In the release, state Budget Director Linda Luebbering said the general revenue fund borrowed $200 million from the budget reserve fund for cash flow purposes. The borrowed money is slated to be paid back by the constitutional deadline of May 15, 2015.