ST. LOUIS, Mo. (KMOX) – Missouri is a third of the way through the 2013 fiscal year, and tax revenue is up 7.5 percent from a year ago.
The state has collected 2.42 billion dollars year to date, compared with 2.25 billion last year at this time. State Budget Director Linda Leubbering says we’re not far ahead of where the state projected it would be.
Leubbering says individual income taxes are up 3.2 percent from last year, which could be a result of increased employment. Most of the income tax figure comes from the money that the state takes out of every pay check, so she says it’s an immediate indicator of job growth.
Sales tax is up 2.7 percent, and she says part of that could be due to increased economic activity in Joplin, but Cardinals’ playoff games also generate a lot of sales tax revenue.
She says the majority of the collections are in the category of “other collections” – that’s money from settlements, federal dollars and other fees the state collects. That’s at 165.7 million dollars this year, which is a 34.3 percent increase.
In previous years Missouri Governor Jay Nixon has had to make cuts throughout the year based on lackluster revenue. Largely, those fell on higher education and transportation, but Leubbering says so far there’s no move to make any cuts.
Looking forward to the holiday season, Leubbering says sales tax revenue is usually high. She expects the same this year.