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.
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.
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.