State Releases March 2016 General Revenue Report

JEFFERSON CITY – Acting State Budget Director Dan Haug announced today that 2016 fiscal year-to-date net general revenue collections increased 4.2 percent compared to 2015, from $5.95 billion last year to $6.20 billion this year.

Net general revenue collections for March 2016 increased by 13.5 percent compared to those for March 2015, from $667.0 million to $757.1 million.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

• Increased 5.6 percent for the year, from $4.63 billion last year to $4.88 billion this year.
• Increased 4.4 percent for the month.

Sales and use tax collections

• Increased 4.4 percent for the year, from $1.51 billion last year to $1.57 billion this year.
• Increased 14.9 percent for the month.

Corporate income and corporate franchise tax collections

• Decreased 12.3 percent for the year, from $362.5 million last year to $318.1 million this year.
• Decreased 31.2 percent for the month.

All other collections

• Increased 2.2 percent for the year, from $304.9 million last year to $311.5 million this year.
• Decreased 0.42 percent for the month.

Refunds

• Increased 4.1 percent for the year, from $847.6 million last year to $882.1 million this year.
• Decreased 28.0 percent for the month.

Acting Director Haug also noted the General Revenue Fund borrowed $75 million from the Budget Reserve Fund for cash flow purposes, bringing the total borrowed to $475 million for the year. The funds will be repaid before the Constitutional deadline of May 15, 2016.