Missouri revenue

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The state of Missouri’s income collections for June are down more than 22 percent, compared to a year ago. 

That sharp decline is among the reasons Gov. Jay Nixon’s administration will not be implementing the first phase of a state income tax cut that had been scheduled to go into effect when the new fiscal year began last Friday.

In fact, Nixon is planning a news conference Wednesday to announce possible cuts or withholdings he may make in the new budget, which kicked in on July 1.

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dleafy | sxc.hu

Missouri’s general-revenue collections shot up by almost 10 percent in August. But acting budget chief Dan Haug says it’s too early to pop the champagne.

August’s sharp increase, compared to August 2014, comes after a slight downturn in July.

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Three years after killing off Missouri’s latest statewide tobacco-tax proposal, the group representing many Missouri gas stations and convenience stores has filed two initiative-petition proposals of its own to hike the tax.

Missouri’s tobacco tax is now 17 cents a pack and is the nation’s lowest. The Missouri Petroleum Marketers & Convenience Store Association’s proposals would increase the per-pack tax to 40 cents by 2021.

Marshall Griffin | St. Louis Public Radio

The latest figures show Missouri revenues are down in some key categories.

The state collected roughly $506.9 million last month, compared to $512.9 million in July 2014, a drop of 1.2 percent.  State Budget Director Linda Luebbering says it's due in part to fraud prevention measures at the federal level.

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Missouri's financial picture looks much better today than it did a year ago at this time.

The latest revenue figures show tax collections increased by 8.8 percent during Fiscal Year 2015, which ended Tuesday.

Marshall Griffin/St. Louis Public Radio

Missouri's revenue picture continues to improve for the current fiscal year.

As of July 1st, Missouri's tax collections have increased by 2.5 percent over what they were at this time a year ago, from $2.42 billion to $2.48 billion.  Individual income tax collections are up by 3.8 percent, while corporate and franchise tax collections have risen by 26.4 percent.  Sales tax collections since July 1st have increased to nearly $645 million.

This article first appeared in the St. Louis Beacon: Amid the fight in the state Capitol over whether to cut taxes, state Auditor Tom Schweich – a Republican – has issued a report that potentially could lay to rest any notion that Missouri state government is awash in cash.

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Revenue collections in Missouri slowed a bit last month, but continued their overall upward trend.

From July of 2012 through the end of May, the state took in $7.3 billion in revenues, an increase of 10.4 percent from May of 2012.  The year-to-date increase from April of this year, though, was 11.2 percent.  Missouri Budget Director Linda Luebbering blames it on a drop in sales tax collections.

"People are still a little bit concerned about spending a lot of money, given the economy and the uncertainty at the national level," Luebbering said.

Marshall Griffin/St. Louis Public Radio

The Missouri House has adopted Governor Jay Nixon’s (D) proposal announced Thursday to add $86 million to a capital improvements bill.

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While 2013 began just a few days ago, Missouri's Fiscal Year is now half-over, and so far officials say it's been a good one.

The latest numbers from Governor Jay Nixon's Budget Office show a 7.9 percent increase in revenue collections from July to December, as compared to the same 6-month period a year ago. 

At that time, the Show-Me State had collected around $3.49 billion in revenues.  A year later, collections stand at $3.77 billion.  Budget Director Linda Luebbering credits an improved economy.

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A conservative group is calling on Governor Jay Nixon (D) and Missouri lawmakers to return any budget surplus there may be next year to taxpayers.

Nixon and GOP legislative leaders are expecting a 3.1 percent growth in state revenues during the next fiscal year.  Patrick Werner heads the Missouri Chapter of Americans for Prosperity, which advocates for fiscally conservative practices.  He says any left over money should either be returned to taxpayers or socked away in the state’s Rainy Day fund.

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Missouri’s economy is expected to grow next year, according to the annual revenue estimate released Tuesday by the Governor’s office and key legislative leaders.

Democratic Governor Jay Nixon, along with GOP Budget chairs Rick Stream from the House and Kurt Schaefer from the Senate, say that the state’s economy will grow by just over 3 percent during the next fiscal year.  The economic growth rate is actually estimated to be 4.8 percent – but the loss of one-time revenue sources from Washington and other factors lower it to the 3 percent net rate.

Marshall Griffin/St. Louis Public Radio

Governor Jay Nixon (D) has decided to let state employees take the day after Thanksgiving off work this year.

The state’s latest general revenue report show that Missouri collected 7.5 percent more money last month than it did in October of last year, and State Budget Director Linda Luebbering says that’s part of the reason why state workers will get to stay home on November 23rd.

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Missouri closed out its 2012 fiscal year with slightly better-than-expected revenues. But that doesn't necessarily translate to a budget surplus.
 
Figures released Tuesday show Missouri had more than $7.3 billion in general revenues during the fiscal year that ended June 30. That's up more than 3.2 percent compared with the 2011 fiscal year. And it's also better than the 2.7 percent growth rate upon which the budget had been based.

Missouri’s revenues rose more than expected during the month of May.

The state collected about $6.6 billion in revenue last month, compared to just under $6.4 billion in May of 2011.  Governor Jay Nixon’s Budget Director, Linda Luebbering, credits most of the improvement to higher collections of state income and sales taxes.

“That's the good news, things are picking up,"  Luebbering said.  "I think we do have to be cautious, still, because of what’s going on at the national and particularly the international picture, with European Union issues and everything that's going on globally that could have some bearing on the overall economy.”

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For the first time this fiscal year, Missouri's state revenues are growing above the rate needed to balance the budget.

The state Office of Administration released figures on Wednesday that show Missouri's net revenues were up 3.1 percent through April - or the first 10 months of the fiscal year. The 2012 budget is based on 2.7 percent growth.

(Marshall Griffin/St. Louis Public Radio)

Several groups critical of the no new taxes stance of both Democratic Governor Jay Nixon and Republican legislative leaders held a bake sale today at the Missouri Capitol.

The event was held to highlight what the participants say is a lack of effort to explore new ways to raise revenue.  Sean Nicholson is with the group Progress Missouri.

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Missouri's revenues are up over last year - they're just not growing fast enough to keep the state's budget in balance.

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The St. Louis region is kicking off what the St. Louis Sports Commission is calling its version of "March Madness." Beginning with the Missouri Valley Conference men's basketball tournament this weekend, the area will host four straight weeks of college sports tournaments.

The region will also host the MVC women's basketball tournament from March 8-11 at The Family Arena, the NCAA Division 1 wrestling championships from March 15-17 and the NCAA Division 1 men's basketball regional on March 23 and 25.

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Halfway through Missouri's budget year, state revenues are sluggish.

The state budget office reported Thursday that Missouri's revenue increased 1.2 percent through the first six months of the 2012 fiscal year. Revenues need to grow at about 2.7 percent to meet the mark set by the budget.

Budget Director Linda Luebbering says the revenue report was "concerning." But she noted that the revenue could improve in the second half of the budget year. Missouri budgets take effect July 1.

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Missouri officials are predicting a 3.9 increase in state revenue in the next fiscal year.

The so-called consensus estimate of general state revenue for the budget year that begins in July was released Wednesday. The estimate predicts total revenue of roughly $7.6 billion in the 2013 fiscal year.

The estimate is calculated by state and outside experts and agreed to by the governor and key legislators. It's one factor in developing Missouri's next state budget.

Gov. Jay Nixon is scheduled to release his budget proposal in January.

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Missouri's revenues have fallen slightly short of what's needed to meet the budget through the first third of the state fiscal year.

Figures released Wednesday by the state Office of Administration show general revenues rose 1.2 percent through October compared with the same point in the previous fiscal year.

State budget director Linda Luebbering says revenues need to grow at around 2 percent to meet the mark set by the budget.

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A new report says Missouri's revenues are up 1.9 percent in the current fiscal year compared with the same time last year.

Tuesday's figures from the state Office of Administration cover the first three months of the 2012 budget year, which began July 1.

The report shows individual income taxes up 2.2 percent and sales tax revenue up 3.1 percent over the same period a year ago.

But corporate tax collections from July through September are down more than 20 percent.

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Strong sales tax collections in August helped Missouri's revenues rise more than 4 percent during the first two months of the state's budget year.

Figures released Friday by the state Office of Administration show August sales tax revenues were up 9.6 percent over the same month a year ago. Corporate tax collections also rose while tax refunds fell. That helped offset a slight decline in individual income tax collections and produced a net revenue increase of 6.9 percent for August.

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Mo. Gross Revenue Up Slightly

Missouri’s gross revenue collection in July was up by .6 percent as compared to July 2010.

The revenue increase is driven by strong individual income tax collection, which was up 9.3 percent over the same time last year. Sales taxes remain stagnant, according to state budget director Linda Luebbering. She blames low sales tax collection on a stubbornly high unemployment rate.

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Missouri tax revenue is higher than last year, but a dip in individual income tax collections last month has prompted some concern.

Eleven months through the current budget year, revenue has increased from last year by 2.7 percent to $6.5 billion. However, the state Office of Administration reported Thursday that individual income tax collections were down 1.4 percent from May 2011 to May 2010.

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Missouri's tax revenues are up 6.5 percent with only one-quarter of the budget year to go.

Figures released Monday by the state Office of Administration show the growth fueled by stronger individual and corporate income tax collections than during the 2010 fiscal year. A decline in tax refunds also has contributed to the growth in state revenues.

Several local gun stores are reporting an increased demand for tactical weapons and training.
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A judge has issued a temporary restraining order to prevent the Illinois State Police from releasing the names of registered gun owners in the state - something the agency doesn't want to do anyway.

The order was handed down Friday in Peoria. It is the latest chapter in a battle between the state's attorney general and police force over the release of names of the state's Firearm Owners Identification cardholders.

Governor Jay Nixon and the chairmen of the state House and Senate appropriations committee have come to an agreement on the amount of money available for the budget year that starts in June 2011 (FY 2012).

The projected revenue estimate is made every December, and is the figure the governor and lawmakers use to craft budget proposals.