State’s fiscal year starts with increased revenue

As of the end of July – the first month in the fiscal year – collections were at $507.2 million, compared to $482.4 million a year ago.

July saw a 6.4 percent increase in sales and use tax collections, which were $156.4 million compared to $147 million a year ago.

Individual income tax collections were $346.3 million, up 7.3 percent from $322.7 million a year ago.

Meanwhile, corporate income and corporate franchise tax collections sank 35.2 percent for the month, to $17.8 million from $27.5 million a year ago.

All other collections were up 5.9 percent to $26.7 million, and refunds stayed flat at $40.1 million.

Because of higher-than-expected collections in fiscal 2008, only 2.8 percent growth is needed this year to reach the revenue estimate that Missouri’s fiscal 2009 budget is based on, according to the report.