State starts fiscal 2013 with 12% tax revenue gain

Missouri kicked off fiscal 2013 with an 11.8 percent gain in July net general revenue collections.

During the first month of the fiscal year, collections totaled $505.7 million, up from $452.2 million in July 2011, according to a news release from the state Office of Administration.

Fiscal 2012 gross collections by tax type:

• Individual income tax collections decreased 3.4 percent to $341.3 million from $353.4 million at the same time last fiscal year.
• Sales and use tax collections increase 14.8 percent to $145.4 million from $126.7 million.
• Corporate income and franchise tax collections rose 9.4 percent to $16.8 million from $15.4 million.
• All other collections jumped 144.9 percent to $56 million from $22.9 million.
• Refunds fell 18.8 percent to $53.7 million from $66.2 million.

State Budget Director Linda Luebbering said in the release that during July, the General Revenue Fund borrowed $100 million from the Budget Reserve Fund for cash flow. The funding is scheduled to be repaid before the May 15, 2013, constitutional deadline.