State's general revenue collections up 2.4%

Missouri's net general revenue collections for February increased 2.4 percent to $4.55 billion, compared to $4.44 billion in the same month last fiscal year. The state's fiscal year runs July-June.

Collections for fiscal 2012 through February are $398.2 million, a 15.1 percent rise from $345.8 million recorded in the same period a year before, according to a news release from state Budget Director Linda Luebbering.

Fiscal 2012 gross collections by tax type:

• Individual income tax collections increased 3.5 percent to $3.52 billion, compared to $3.4 billion at the same time in fiscal 2011.
• Sales and use tax collections rose 4.4 perent to $1.25 billion from $1.2 billion.
• Corporate income and corporate franchise tax collections dropped 11.9 percent to $244 million from $276.9 million;
• All other collections decreased 22.2 percent to $210 million from $269.8 million.
• Refunds fell by 3.9 percent to $676.4 million from $704.2 million.

Compared to February numbers in the previous fiscal year, the newest report showed a 9.8 percent increase in individual income tax collections; an 18.7 percent jump in sales and use tax collections; a 34.4 percent drop in corporate income and corporate franchise tax collections; a 13.1 percent decrease in all other collections; and a 3.8 percent increase in refunds.

Luebbering noted in the release that during February the General Revenue Fund borrowed $150 million from the Budget Reserve Fund for cash flow aid. The funds have been marked to be repaid by the constitutional deadline of May 15.[[In-content Ad]]