Missouri General Revenue Collections Decrease

4 years 8 months 2 weeks ago Wednesday, July 02 2014 Jul 2, 2014 Wednesday, July 02, 2014 1:21:00 PM CDT July 02, 2014 in News
By: Julia Avery, KOMU 8 Reporter
loading

JEFFERSON CITY - Revenue figures for the 2014 fiscal year released Wednesday morning showed 2014 net general revenue collections decreased by one percent compared to 2013, from $8.08 billion last year to $8.00 billion this year. The 2014 fiscal year ended Monday.

Missouri Budget Director Linda Luebbering said state general revenue collections typically grows around 3.5 percent each year. She said it is very unusual for revenue to decline by 1 percent.

Luebbering said there are a couple of reason for the decrease, but the main reason stems from federal tax changes.

"Capitol gains have been down so the revenue that states receive from income taxes include taxes on Capitol gains," Luebbering said, "Capitol gains for our current tax year were lower than last tax year because people were claiming those gains early in order to avoid an increase in federal taxes."

Luebbering said another reason is the bad 2013-2014 winter. The harsh weather slowed the economy in Missouri, causing a decline in revenue.

On June 11, Governor Nixon vetoed legislation passed by the Missouri General Assembly concerning special tax breaks and exemptions.

Nixon's office issued estimates Columbia would lose $5.7 million in sales tax revenue and Boone County would lose $4.6 million annually if the legislature overrides his veto.

Luebbering said if the tax breaks go into effect, they would reduce general revenue collections by $217 million for the state in the upcoming year.

"This is very significant from the standpoint that you have to reduce services and programs in order to make up for that loss," Luebbering said. "The biggest single beneficiary of state general revenue is K-12 education."

Sen. Kurt Schaefer, R- Columbia, served as the Senate Appropriations Committee Chair during the legislative session. Schaefer said he does not agree with Nixon's administrative calculations and thinks Nixon is attempting to make a short-term fix for the state's economy.

"This is the first year in a long time that the Governor and the legislature could not come to an agreement," Schaefer said shortly after the veto. "The reason our economy is in the situation it is in is because the Governor has no economic development plan."

Nixon already froze spending for 2015 budget year because of the worse-than-expected 2014 state tax revenues.

Despite the 2014 revenue decrease, there has been some growth in the last month. Individual components such as sales tax collections and income tax collections showed an increase in June.

"We should start to see some positive momentum going into this fiscal year," Luebbering said. "If the tax breaks are passed despite the governor's veto, that's gonna bring us back down."

Net general revenue collections for June 2014 decreased by 12.3 percent compared to those for June 2013, from $781.5 million to $685.7 million.

Here are the gross collections by tax type from the Missouri Office of Administration, comparing full year to June:

Individual income tax collections
Decreased 0.2 percent, from $6.37 billion last year to $6.35 billion this year.
Increased 4.5 percent for June 2014, compared to June 2013.

Sales and use tax collections
Increased 3.8 percent, from $1.90 billion last year to $1.97 billion this year.
Increased 23.9 percent for June 2014, compared to June 2013.

Corporate income and corporate franchise tax collections
Increased 2.9 percent, from $525.7 million last year to $540.7 million this year.
Decreased 7.6 percent for June 2014, compared to June 2013.

All other collections
Decreased 10.9 percent, from $470.9 million last year to $419.3 million this year.
Increased 13.8 percent for June 2014, compared to June 2013.

Refunds
Increased 8.4 percent, from $1.18 billion last year to $1.28 billion this year.
Increased 288.8 percent for June 2014, compared to June 2013.

 

More News

Grid
List
COLUMBIA - City leaders will meet Friday to try to find a solution to the recent spike in gun violence... More >>
3 hours ago Friday, March 22 2019 Mar 22, 2019 Friday, March 22, 2019 5:30:00 AM CDT March 22, 2019 in News
MONITEAU COUNTY - A Moniteau County Sheriff's Office deputy was taken to a local hospital Thursday night after a passenger... More >>
11 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 10:06:00 PM CDT March 21, 2019 in News
COLUMBIA - Candidates in the Columbia mayoral race met Thursday night in the only event being called a 'debate' between... More >>
12 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 8:54:00 PM CDT March 21, 2019 in News
HALLSVILLE - Lorenzo Moreno was partners with Vincent Valentino at the successful Sarsapilla Speakeasy, until his disappearance two weeks ago.... More >>
15 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 5:43:00 PM CDT March 21, 2019 in News
COLUMBIA - The U.S. Food and Drug Administration approved a new drug designed to specifically treat postpartum depression. The... More >>
18 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 3:21:00 PM CDT March 21, 2019 in News
COLUMBIA - Columbia Public Schools is being recognized for its work in improving the mental health of its students and... More >>
18 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 3:15:00 PM CDT March 21, 2019 in News
KANSAS CITY (AP) — Authorities have rescued several people stranded by flooding in northwest Missouri as the swollen Missouri River... More >>
18 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 3:08:00 PM CDT March 21, 2019 in News
JEFFERSON CITY - Gov. Mike Parson declared a state of emergency Thursday in response to widespread flooding along the Missouri... More >>
18 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 3:05:00 PM CDT March 21, 2019 in News
COLUMBIA - While the controversial Grain Belt Express moved one step forward this week, critics and supporters say tough battles... More >>
19 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 2:18:00 PM CDT March 21, 2019 in News
ST. LOUIS – A search has begun for a new chancellor at University of Missouri-St. Louis. Current chancellor Tom... More >>
19 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 2:12:00 PM CDT March 21, 2019 in News
JEFFERSON CITY - A judge set a $100,000 cash-only bond for Quatavia Givens, the woman at the center of the... More >>
19 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 1:55:00 PM CDT March 21, 2019 in News
KANSAS CITY (AP) — The company that owns a duck boat that sank on a Missouri lake in the summer... More >>
19 hours ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 1:25:00 PM CDT March 21, 2019 in News
JEFFERSON CITY - Environmental activists plan to make their voices heard at a Missouri Department of Natural Resources (DNR) public... More >>
1 day ago Thursday, March 21 2019 Mar 21, 2019 Thursday, March 21, 2019 3:26:00 AM CDT March 21, 2019 in News
COLUMBIA- Brian Treece and Chris Kelly answered public questions regarding a variety of issues facing the Columbia community. When... More >>
1 day ago Wednesday, March 20 2019 Mar 20, 2019 Wednesday, March 20, 2019 11:23:00 PM CDT March 20, 2019 in News
JEFFERSON CITY - The Blair Oaks School District held a meeting Thursday night on a potential new building that is... More >>
1 day ago Wednesday, March 20 2019 Mar 20, 2019 Wednesday, March 20, 2019 11:00:00 PM CDT March 20, 2019 in News
COLUMBIA - Three armed men broke into a home on Spiros Drive claiming to be with the Boone County Sheriff's... More >>
1 day ago Wednesday, March 20 2019 Mar 20, 2019 Wednesday, March 20, 2019 11:00:00 PM CDT March 20, 2019 in News
JEFFERSON CITY – People who live near coal ash ponds share stories about health problems and contaminated water Thursday at... More >>
1 day ago Wednesday, March 20 2019 Mar 20, 2019 Wednesday, March 20, 2019 11:00:00 PM CDT March 20, 2019 in News
CHRISTCHURCH, New Zealand (AP) - New Zealand Prime Minister Jacinda Ardern said Thursday her government is immediately banning assault rifles,... More >>
1 day ago Wednesday, March 20 2019 Mar 20, 2019 Wednesday, March 20, 2019 9:56:00 PM CDT March 20, 2019 in News
Columbia, MO
Broken Clouds 44°
10am 43°
11am 48°
12pm 52°
1pm 54°