State general revenue on the rise

Missouri’s general revenue collections shot up last month.

Net collections for February increased by 25.2 percent compared with the same month last year, coming in at $606.3 million from a comparable $484.3 million, according to a news release.

Fiscal year-to-date net general revenue collections also increased 4.9 percent when compared with the prior year, at $5.7 billion.

Corporate income and franchise tax collections also showed significant monthly gains. Total collections spiked 374.7 percent for the month, but still posted a 25.6 percent decline for the year at $203.5 million.

Other gross collections by type:
    •    Individual income tax collections rose 4 percent for the year to $4.5 billion.
    •    Sales and use tax collections nudged up 2 percent to $1.4 billion.
    •    Refunds went down 12 percent to $634.3 million.
    •    All other collections increased 22 percent to $266.1 million.
 
In the release, acting state budget director Dan Haug noted the general revenue fund borrowed $50 million from the budget reserve fund for cash flow purposes. The funds will be repaid before the constitutional deadline of May 15, he said.
 

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