Saint Louis, Mo. — State Budget Director Linda Luebbering released budget information today showing that Missouri’s revenues are lagging behind last year’s numbers, signaling a sluggish economic growth. Fiscal Year 2014 net general revenue collections decreased by 1.0 percent compared to 2013, from $8.08 billion last year to $8.00 billion this year, according to state reports.
Individual income tax collections decreased 0.2 percent for the year, from $6.37 billion last year to $6.35 billion this year. The poor showing for the state’s economic growth will likely fuel the nasty debate between Democratic Gov. Jay Nixon and Republican lawmakers in the statehouse. Nixon has long claimed that “reckless” tax cuts put the state’s budget and financial security at risk, while Republicans say Nixon’s own withholding of funds and poor leadership on economic development have created a sluggish recovery.
Nixon’s announcement last week of a series of line-item budget vetoes and withholds sparked yet another debate between parties about charting the best plan for the state’s budget. But Republican lawmakers stress that FY2015 — which officially began for Missouri on July 1 — is new, and predictions about continued revenue streams are simply speculation.
A brief summary of Luebbering’s budget report can be found below.
Individual income tax collections
Decreased 0.2 percent for the year, from $6.37 billion last year to $6.35 billion this year.
Increased 4.5 percent for the month.
Sales and use tax collections
Increased 3.8 percent for the year from $1.90 billion last year to $1.97 billion this year.
Increased 23.9 percent for the month.
Corporate income and corporate franchise tax collections
Increased 2.9 percent for the year, from $525.7 million last year to $540.7 million this year.
Decreased 7.6 percent for the month.
All other collections
Decreased 10.9 percent for the year, from $470.9 million last year to $419.3 million this year.
Increased 13.8 percent for the month.
Refunds
Increased 8.4 percent for the year, from $1.18 billion last year to $1.28 billion this year.
Increased 288.8 percent for the month.
Collin Reischman was the Managing Editor for The Missouri Times, and a graduate of Webster University with a Bachelor of Arts in Journalism.
