Mo. revenues up 8.7 percent for 2013 fiscal year

JEFFERSON CITY, Mo. (AP) — Missouri’s revenues are up nearly 9 percent through the first two-thirds of the state’s fiscal year.

Figures released Monday by the state Office of Administration show Missouri’s finances have improved mainly because of a decline in tax refunds and an increase in individual income tax collections.

Through February, net general revenues were up 8.7 percent compared with the same period a year earlier. The total includes a 5.5 percent increase in individual income taxes and a 16.5 percent decline in tax refunds. Sales tax collections have remained relatively flat for the fiscal year.

Missouri’s 2013 budget year began last July and runs through the end of this June.

Tax collections in February alone were virtually unchanged from February 2012. But for the entire fiscal year, collections were up $394 million.

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