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State of Missouri Releases March 2014 General Revenue Report - KOAM TV 7

State of Missouri Releases March 2014 General Revenue Report

Updated:
NEWS RELEASE FROM THE STATE OF MISSOURI OFFICE OF ADMINISTRATION



State Releases March 2014 General Revenue Report

JEFFERSON CITY -- State Budget Director Linda Luebbering announced today that 2014 fiscal year-to-date net general revenue collections increased 1.7 percent compared to 2013, from $5.48 billion last year to $5.57 billion this year. 

Net general revenue collections for March 2014 decreased by 0.7 percent compared to those for March 2013, from $536.1 million to $532.6 million.

 

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 2.6 percent for the year, from $4.21 billion last year to $4.32 billion this year.
  • Increased 3.7 percent for the month.

Sales and use tax collections

  • Increased 3.2 percent for the year from $1.41 billion last year to $1.45 billion this year.
  • Decreased 4.4 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 9.6 percent for the year, from $315.8 million last year to $346.3 million this year.
  • Decreased 7.8 percent for the month.

All other collections

  • Decreased 16.4 percent for the year, from $338.6 million last year to $283.0 million this year.
  • Increased 5.7 percent for the month.

Refunds

  • Increased 4.4 percent for the year, from $798.9 million last year to $834.4 million this year.
  • Increased 5.9 percent for the month.
Director Luebbering also noted the General Revenue Fund borrowed $200 million from the Budget Reserve Fund for cash flow purposes, bringing the total borrowed to $350 million for the fiscal year. The funds will be repaid before the Constitutional deadline of May 15, 2014.

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