Posted: Dec 4, 2012 7:10 PM by Danielle McCarthy
Updated: Dec 4, 2012 10:23 PM
JEFFERSON CITY - State Budget Director Linda Luebbering announced Tuesday Missouri's net general revenue increased 7.2 percent from this time last year. The net general revenue currently holds $3.04 billion - an increase of $200 million from the revenue at the end of November 2011. The state also collected $618.7 million for the net general revenue this November - a 6 percent increase from last November.
Luebbering's office said the latest numbers signal good news for Missouri's economy - particularly when it comes to individual income tax revenue.
Individual income tax revenue increased 3.5 percent from last year - a good indication that more people are getting back to work.
Meanwhile, sales tax and use revenue increased only .6 percent from last year - possibly indicating a slight increase in consumer confidence this holiday shopping season compared to last, according to past trends.
The state's general revenue is raised through taxes and can be used for any purpose the government sees fit.