Missouri net revenue up 5 percent

JEFFERSON CITY, Mo. -- The State of Missouri brought in 5 percent more net revenue last fiscal year compared to the previous year.

Data released by Budget director Dan Haug show revenue growth exceeded expectations for the state fiscal year running from July 2017 through the end of June.

Lawmakers crafted a budget based on an estimated 4.2 percent growth over that time period. Budget leaders later cut back expectations, instead projecting only 1.9 percent growth.

The 5 percent net growth was significantly higher than both projections.

Individual income tax collections grew 5.6 percent for the year, and sales tax collections increase 2.3 percent. Corporate income taxes also grew more than 6 percent.