State starts fiscal year with tax revenue drop

Missouri started fiscal 2016 with a 1.2 percent decrease in net general revenue collections.

The state brought in $506.9 million in July, compared to $512.9 million in the same month last year, according to a news release.

Gross collections by tax type:
    •    Individual income tax collections rose 5.1 percent for the beginning of the fiscal year to $392.3 million.
    •    Sales and use tax collections decreased 1.8 percent to $148.2 million.
    •    Corporate income and franchise tax collections jumped 19.3 percent to $20.6 million.
    •    All other collections fell 24.7 percent to $15.3 million.
    •    Refunds rose 42.2 percent to $69.6 million.

During July, the state’s general revenue fund borrowed $200 million from the budget reserve fund for cash flow purposes. The funds are due to be repaid by May 15, 2016, according to the release.