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State revenues up 6 percent for fiscal 2011

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State revenues were up 5.9 percent in fiscal 2011 compared to fiscal 2010, with net general collections climbing to $7.18 billion from $6.77 billion. The state’s fiscal year ended June 30.

Net general revenue collections for the month of June were $724.4 million, an increase of 47.2 percent compared to June 2010 at $492.2 million.

The 2011 state revenue report, which was released July 1, found that individual income tax collections increased 2.7 percent for the year, up to $5.63 billion from $5.48 billion in fiscal 2010. Income tax collections increased 5.4 percent for the month.

The report also found:
  • Sales and use tax collections were up 1 percent to $1.81 billion in 2011 from $1.79 billion in 2010, and those revenues increased 8.7 percent for the month.
  • Corporate income and corporate franchise tax collections increased 7 percent in 2011 to $537.3 million, compared to $502.2 million last fiscal year, but they were down 8.4 percent for the month of June.
  • All other collections increased 14.5 percent for the year to $533.2 million in fiscal 2011 from $465.8 million in 2010. According to the report, however, all other collections decreased by 17.5 percent for the month.
  • Refunds decreased 79.8 percent for the month and were down 9 percent to $1.3 billion in fiscal 2011, compared to $1.47 billion in fiscal 2010.
Mike Brothers, co-interim director for public information for the city of Springfield, said the city’s sales tax receipts were up 2.2 percent for fiscal 2011. Brothers said the city typically receives its sales tax revenues from the state during the first week of every month. The June check was the last for fiscal 2011. The July check, which had not been received as of 9 a.m. July 5, would be the city’s first check for fiscal 2012.

“The revenues from (the July) check don’t exactly match up with any 30-day period. They are about 60 days behind. Just because we get the check this week doesn’t mean we are getting the revenues from May 1 to May 31,” Brothers said. “It’s just a 30-day window, and there are some companies that pay quarterly. Different businesses have different reporting requirements.”

The city of Springfield's June 1 percent sales tax check from the Missouri Department of Revenue was up 5.4 percent compared to June 2010. Revenue collected totaled $3.45 million, compared to $3.27 million in June 2010.

Sales tax revenue for fiscal 2011 totaled $36.25 million, up more than $800,000 from $35.44 million in fiscal 2010.[[In-content Ad]]

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