State Releases 2014 Budget Report

2 years 7 months 3 days ago May 02, 2014 May 2, 2014 Friday, May 02 2014 Friday, May 02, 2014 1:44:00 PM CDT in News
By: Tori Chamberlain, KOMU 8 Digital Producer

JEFFERSON CITY - Missouri State Budget Director Linda Luebbering announced Friday that 2014 fiscal year-to-date net general revenue collections increased 0.5 percent compared to 2013, from $6.67 billion last year to $6.70 billion this year.

Net general revenue collections for April 2014 decreased by 5.0 percent compared to those for April 2013, from $1.19 billion to $1.13 billion.

Below is a list of gross collections by tax type.

Individual income tax collections:
• Decreased 0.8 percent for the year, from $5.35 billion last year to $5.31 billion this year.
• Decreased 13.5 percent for the month.

Sales and use tax collections:
• Increased 3.6 percent for the year from $1.55 billion last year to $1.61 billion this year.
• Increased 7.7 percent for the month.

Corporate income and corporate franchise tax collections:
• Increased 7.1 percent for the year, from $404.8 million last year to $433.8 million this year.
• Decreased 1.7 percent for the month.

All other collections:
• Decreased 14.6 percent for the year, from $371.6 million last year to $317.4 million this year.
• Increased 4.2 percent for the month.

Refunds:
• Decreased 4.7 percent for the year, from $1.01 billion last year to $967.7 million this year.
• Decreased 38.3 percent for the month.

Luebbering also noted the General Revenue Fund repaid the $350 million borrowed from the Budget Reserve Fund during fiscal year 2014, ahead of the Constitutional deadline of May 15.

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