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Tax revenue up in Missouri compared to last year

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Tax revenue up in Missouri compared to last year

JEFFERSON CITY, Mo. (AP) – The Missouri budget director says revenue is up more than 4 percent this fiscal year compared to last. State budget director Dan Haug on Monday said revenues for the fiscal year that started July 1 are so far 4.2 percent higher than in 2015. This fiscal year, the state has […]

Tax revenue up in Missouri compared to last year

JEFFERSON CITY, Mo. (AP) – The Missouri budget director says revenue is up more than 4 percent this fiscal year compared to last.

State budget director Dan Haug on Monday said revenues for the fiscal year that started July 1 are so far 4.2 percent higher than in 2015.

This fiscal year, the state has brought in $6.2 billion in revenue. During the same period last year, Missouri collected $5.95 billion.

Individual income tax collections grew 5.6 percent, and sales-tax collections went up 4.4 percent.
Revenue in March increased 13.5 percent compared to March last year.

Haug also said the state borrowed another $75 million from the state’s reserve fund for cash flow purposes, bringing the total borrowed to $475 million this fiscal year. The constitutional deadline to repay that money is May 15.

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