State revenue again up for month, year

JEFFERSON CITY, Mo. -- State revenue rose again in April, and net revenue for the fiscal year is up 4.8 percent, the state Department of Revenue said Friday.

Net general revenue for April rose 2.8 percent, to $836 million, compared to April 2003.

For the first 10 months of the fiscal year, which began July 1, net general revenue has increased 4.8 percent compared to the same period in 2003, the Revenue Department said. That figure excludes a one-time $95 million grant from the federal government.

"It still looks pretty good for the month," and the year, state budget director Linda Luebbering said.

She said the year-to-date growth is not as high as the 5.7 percent annual revenue increase recently projected for the current fiscal year. But that gap should narrow as the state finishes processing all of the income tax returns, Luebbering said.

House Budget Committee chairman Carl Bearden agreed, saying he expected the 5.7 percent rate to be accomplished by the end of the fiscal year on June 30, and that the figures also bode well for the new year.

"We're still on track to achieve the higher numbers we've all been talking about the past week or so," said Bearden, R-St. Charles.

The revenue report was released just hours after the legislature passed a nearly $18.9 billion state budget for the fiscal year starting July 1. Next year's budget is based on a 4 percent to 4.5 percent general revenue growth, compared to the current year. It provides more money to public schools and largely spares the multibillion-dollar state Medicaid program from cuts.

For the year to date, the state has collected nearly $3.9 billion in individual income taxes, up 5.4 percent from last year. The monthly figure, $691 million, was up 9.1 percent.

The state paid out $107 million in income tax refunds to individuals for the month, an 85 percent increase from a year ago, and about $842 million for the year to date, a 7.8 percent increase.

Individual income taxes make up about 60 percent of the state's general revenue, with about 25 percent coming from state sales and use taxes.

Last month, sales and use tax collections increased 11 percent compared to April 2003. For the year to date, sales tax revenue is up 5.5 percent, to nearly $1.6 billion.

On the Net

Revenue Department: www.dor.mo.gov