State Revenues Down 9% for FY10

From today’s SBJ:

Missouri ended its fiscal 2010 on a sour note as June collections dragged down net general revenues to $6.77 billion, a 9 percent decrease compared to fiscal 2009, according to the state's annual General Revenue Report. The state's fiscal year ended June 30.

The state collected $7.45 billion in net general revenue during fiscal 2009, according to a news release from Missouri’s Office of Administration.

State Budget Director Linda Luebbering said Friday net general revenue collections for June decreased by 21.8 percent, to $492.2 million, compared to the $629.3 million collected in June 2009.

By collection type:

• Individual income tax collections were down .04 percent for the month and fell 7.6 percent to $5.48 billion for the year;

•Sales and use tax collections decreased 9.3 percent for the month and were down 4.9 percent, to $1.79 billion, for the year;

• Corporate income and corporate franchise tax collections were up 13.9 percent for the month, but fell 4.9 percent, to $502.2 million, for the year; and

• All other collections dropped 34.4 percent for the month and were down 14.4 percent, to $465.8 million, for the year.

The report also noted that refunds increased 62.3 percent for the month and were up 2 percent, to $1.47 billion, for the year.