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Mo. revenues ahead of projections, up 3.4 percent

Mo. revenues ahead of projections, up 3.4 percent

June 5th, 2012 in News

JEFFERSON CITY, Mo. (AP) - Missouri's tax revenues are running a little ahead of projections heading into the final month of the state budget year.

Figures released Tuesday by the state Office of Administration show general revenues are up 3.4 percent compared to 2011. That's ahead of the projected 2.7 percent growth upon which the 2012 budget was based.

Missouri's 2012 fiscal year begins July 1 and ends June 30.

Sales and use tax collections were up 4.7 percent through May. Individual income tax collections were 3.4 percent through the first 11 months of the fiscal year. The state's bottom line also was helped by the fact that it has paid out fewer tax refunds than last year.

Corporate income taxes were down 9.9 percent for the year.