The state’s general revenue numbers show Missourians are still being cautious about what they spend. State Budget Director Linda Luebbering says the state’s year-to-date collections have decreased nearly a percentage point compared to last year, totaling about $10 million. However, August collections for this year are up 2.2 percent over last August … a 15 million dollar increase. Luebbering says sales tax is also slightly up for the year, slightly down for the month.
Income tax collection is up both from individuals and corporations, indicating more people are working, and those already in the workforce are making more money through raises or more hours.
However, she says the sluggish increase in sales tax collections shows people are being cautious about how much they spend and what they buy, likely the result of being wary of the recovering economy.
Luebbering says 2014 fiscal year-to-date net general revenue collections decreased 0.8 percent compared to 2013, from $1.16 billion last year to $1.15 billion this year. Net general revenue collections for August 2013 increased by 2.2 percent compared to those for August 2012, from $652.6 million to $667.2 million.
GROSS COLLECTIONS BY TAX TYPE
Individual income tax collections
· Increased 2.6 percent for the year, from $764.4 million last year to $784.4 million this year.
· Increased 4.6 percent for the month.
Sales and use tax collections
· Increased 0.7 percent for the year, from $339.4 million last year to $341.8 million this year.
· Decreased 1.8 percent for the month.
Corporate income and corporate franchise tax collections
· Increased 10.3 percent for the year, from $27.9 million last year to $30.8 million this year.
· Increased 10.2 percent for the month.
All other collections
· Decreased 43.3 percent for the year, from $111.4 million last year to $63.2 million this year.
· Decreased 13.7 percent for the month.
Refunds
· Decreased 15.5 percent for the year, from $84.8 million last year to $71.6 million this year.
· Decreased 16.3 percent for the month.
Director Luebbering also noted the general revenue fund (also called the rainy day fund) borrowed $150 million from the Budget Reserve Fund for cash flow purposes. The funds will be repaid before the Constitutional deadline of May 15, 2014.
AUDIO: Jessica Machetta reports (1:11)