This article first appeared in the St. Louis Beacon, April 4, 2011 - Missouri state government's revenue picture continued to improve in March, according to figures announced today, with collections up 9.2 percent compared to a year ago.
Overall, a string of healthy monthly increases is putting the state on track to substantially exceed the 3.6 percent projected increase for this fiscal year.
Through March, says state Budget Director Linda Luebbering, "fiscal year-to-date net general revenue collections increased 6.5 percent compared to 2010." In dollars, that's an increase of $300 million.
For the month, her office reported that state government collected $504.3 million in March, up $43 million from the March 2010 income of $461.7 million.
Leading the March income improvement were increases in collections from individual and corporate income taxes -- both signs of economic improvement in the private sector.
This year's rosier-than-expected revenue tallies could mean that Gov. Jay Nixon's administration and legislative leaders may have been conservative with their earlier estimate, by mutual agreement, of a likely 4 percent increase in state income for the 2012 fiscal year, which begins July 1.
The added money could soften the blow expected by cuts in federal aid -- aside from the continued filibuster in the state Senate over roughly $300 million in designated federal money that some Republicans want to reject.
Here's the breakdown of the March report from Nixon's budget office:
GROSS COLLECTIONS BY TAX TYPE
Individual income tax collections
Increased 3.3 percent for the year, from $3.76 billion last year to $3.88 billion this year.
Increased 6.0 percent for the month.
Sales and use tax collections
Increased 0.7 percent for the year from $1.34 billion last year to $1.35 billion this year.
Decreased 5.7 percent for the month.
Corporate income and corporate franchise tax collections
Increased 8.2 percent for the year, from $306.0 million last year to $331.1 million this year.
Increased 8.4 percent for the month.
All other collections
Increased 16.5 percent for the year, from $328.5 million last year to $382.5 million this year.
Increased 11.6 percent for the month.
Refunds
Decreased 8.6 percent for the year, from $1.05 billion last year to $956.7 million this year.
Decreased 4.7 percent for the month.
