State's monthly revenues rise 3%

Missouri's net general revenue collections during March increased 3 percent to $512.4 million, compared to $497.3 million in the same month in 2011.

Through March, fiscal 2012 collections are up to $5.06 billion, a 2.5 percent increase from $4.94 billion collected in the same period during the prior fiscal year, according to a news release from Missouri State Budget Director Linda Luebbering.

Year-to-date fiscal 2012 gross collections by tax type:

• Individual income tax collections increased 3.1 percent to $4 billion, compared to $3.88 billion in the same period in fiscal 2011.
• Sales and use tax collections rose 3.9 percent to $1.4 billion from $1.35 billion.
• Corporate income and franchise tax collections dropped 8.5 percent to $302.9 million from $331.1 million.
• All other collections fell 20.2 percent to $269.3 million from $337.5 million.
• Refunds decreased 4.7 percent to $912 million from $956.7 million.

Compared to the same month in the last fiscal year, March individual income tax collections increased 0.5 percent; sales and use tax collections decreased 0.4 percent; corporate income and corporate franchise tax collections jumped 8.5 percent; all other collections fell 12.4 percent; and refunds decreased 6.7 percent, according to the release.

Luebbering noted in the release that the General Revenue Fund borrowed $100 million during March from the Budget Reserve Fund for cash flow purposes, bringing the total amount borrowed this fiscal year to $325 million. The funds are scheduled to be repaid by the constitutional deadline of May 15.