State Releases October 2014 General Revenue Report

Nov 04, 2014

JEFFERSON CITY – State Budget Director Linda Luebbering announced today that 2015 fiscal year-to-date net general revenue collections increased 4.3 percent compared to 2014, from $2.48 billion last year to $2.59 billion this year.

Net general revenue collections for October 2014 increased by 6.1 percent compared to those for October 2013, from $530.9 million to $563.0 million.

GROSS COLLECTIONS BY TAX TYPE  – Download the Excel Spread Sheet

Individual income tax collections
• Increased 5.8 percent for the year, from $1.74 billion last year to $1.84 billion this year.
• Increased 6.4 percent for the month.

Sales and use tax collections
• Increased 3.3 percent for the year, from $644.8 million last year to $666.0 million this year.
• Increased 2.4 percent for the month.

Corporate income and corporate franchise tax collections
• Decreased 2.2 percent for the year, from $164.3 million last year to $160.7 million this year.
• Increased 1.2 percent for the month.

All other collections
• Increased 0.6 percent for the year, from $104.3 million last year to $105.0 million this year.
• Increased 32.3 percent for the month.

Refunds
• Increased 8.3 percent for the year, from $171.7 million last year to $185.9 million this year.
• Increased 1.7 percent for the month.

Director Luebbering also noted the General Revenue Fund borrowed $100 million from the Budget Reserve Fund for cash flow purposes, bringing the total borrowed to $300 million for the year. The funds will be repaid before the Constitutional deadline of May 15, 2015.