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Wed June 5, 2013
Missouri Revenue Growth Slows A Bit, But Still Trending Upwards
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.
Luebbering added, though, that personal and corporate income tax collections continue to rise, enough so to continue the upward revenue trend.
"We've definitely had some really good months this year," Luebbering said. "We've been kind of on a little bit of a roller coaster...we had a lot of growth in April…I always look at the year-to-date numbers more than anything else, and so (we are) definitely doing well."
The May 2013 revenue report shows personal income tax collections rose by 9.3 percent for the year and corporate income tax collections rose by 3.1 percent.
Follow Marshall Griffin on Twitter: @MarshallGReport