Missouri July Revenue Report

State Budget Director Linda Luebbering released the state’s monthly revenue report today, showing a slight downturn in collections compared to July of 2014.

July collections 1.2 percent from $512.9 million in 2014 to $506 million this year. Luebbering said the state general revenue fund borrowed $200 million from the state’s budget reserves for “cash flow” purposes but said the funds would be repaid before the May 15, 2016 deadline.

See the full report below.

 

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

Increased 5.1 percent for the fiscal year, from $373.4 million last year to $392.3 million this year.

Sales and use tax collections

Decreased 1.8 percent for the fiscal year from $150.9 million last year to $148.2 million this year.

Corporate income and corporate franchise tax collections

Increased 19.3 percent for the fiscal year, from $17.2 million last year to $20.6 million this year.

All other collections

Decreased 24.7 percent for the fiscal year, from $20.4 million last year to $15.3 million this year.

Refunds

Increased 42.2 percent for the fiscal year, from $49.0 million last year to $69.6 million this year.

Source: Missouri Times