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.
August's revenue collections were up $66 million over the tally in August 2014. That accounts for the state's entire improvement in its finances for the current fiscal year, which began July 1. Because of July's poor numbers, the state's overall revenue increase is 5 percent for this fiscal year.
Haug ties the rosier August figures, in part, to an increase of more than 10 percent in the state’s sales-tax collections, compared to a year ago. The state's revenue from individual income-tax collections was up about 8 percent.
But he warns that the August numbers may not yet reflect the public’s reaction to the recent dramatic downturn in the stock market.
State officials expect to closely monitor the September financial figures, which Haug says could provide a stronger signal of where the state’s finances are headed.