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Missouri general revenue up from last year, August report says

Missouri’s general revenue for August was up by 23 percent compared to the same time last year, according to the August general revenue report released by State Budget Director Dan Haug Thursday. 

Last month saw more than $991 million in general revenue collections — up substantially from the $805 million collected last August. 

The report found a large increase in net general revenue for the 2021 fiscal year to date. The year has seen $2.15 billion as of the end of August, up 52 percent from the $1.39 billion collected by the same time in 2019.  

Sales and use tax decreased by less than a full percentage point compared to last year and decreased by 1.2 percent for the month. Corporate income and franchise tax collections increased for the year by over 270 percent, skyrocketing from just over $40 million in 2019 to nearly $153 million this year. It decreased from the previous month by 34 percent.

Individual income tax collections increased for the year by nearly 77 percent, up to $1.71 billion in 2020 compared to almost $970 million at the same time last year. It increased for the month by over 40 percent. 

All other collections decreased for the year from $61 million in 2019 to just under $36 million this year according to the report, with a 56 percent decrease for the month. 

Refunds increased for the year, leaping from $91 million last year to nearly $36 million for a 42 percent increase and a 65 percent increase over July. 

Unemployment numbers were down compared to earlier this year according to the Missouri Department of Labor and Industrial Relations (DOLIR). August saw initial unemployment claims hover around 10,000 a week for the month, down substantially from the record highs reached in March.

Missouri saw strong increases in revenue collections at the beginning of the year, but revenue declined as many businesses closed their doors over the COVID-19 pandemic for nearly two months. May’s report found a drastic decrease of 22.5 percent from the previous year. The June report indicated a 1 percent increase compared to the same time the year before, and July’s saw a near 100 percent increase from the previous year. 

EDITOR’S NOTE: For up-to-date information on coronavirus, check with the CDC and DHSS.