State general revenue collections rise in August

Missouri's general revenue collections increased 2.2 percent to $667.2 million in August, up from $652.6 million in the same month of the prior fiscal year.

However, fiscal 2014 year-to-date collections through August decreased 0.8 percent to $1.15 billion from $1.16 billion at the same time in fiscal 2013, according to a news release.

Fiscal 2014 year-to-date gross collections by tax type:

• Individual income tax collections rose 2.6 percent to $784.4 million from $764.4 million at the same time last fiscal year.
• Sales and use tax collections ticked up 0.7 percent to $341.8 million from $339.4 million.
• Corporate income and franchise tax collections jumped 10.3 percent to $30.8 million from $27.9 million.
• All other collections dropped 43.3 percent to $63.2 million from $111.4 million.
• Refunds decreased 15.5 percent to $71.6 million from $84.8 million.

Compared to August 2012, last month's individual income tax collections increased 4.6 percent; sales and use tax collections decreased 1.8 percent; corporate income and franchise tax collections rose 10.2 percent; all other collections dropped by 13.7 percent; and refunds moved down 16.3 percent, according to the release.

State Budget Director Linda Luebbering said the general revenue fund borrowed $150 million in August from the budget reserve fund for cash flow purposes. Funds are due to be repaid by the constitutional deadline of May 15, 2014.