Wednesday, July 6, 2011

Missouri revenue up 6% in FY2011

Missouri general revenue collections were up in Fiscal Year 2011, which ended on June 30.

The state took in nearly 6% more in collections as compared to Fiscal Year 2010.

Revenue decreased during each of the previous two fiscal years.

State budget director Linda Luebbering says that much of the uptick is a result of fewer taxpayer refunds.

“Largely people were losing money in the stock market, in simple terms. And as a result of that, they would have owed lower taxes. And so if they paid their taxes based on not taking that into account, we would end up refunding them money because they would have paid more taxes than they needed to,” Luebbering said.

Overall, the state brought in $401 million more than in FY 2010.

Luebbering notes that $150 million of that growth will go towards disaster recovery in Joplin and to flood victims on the Missouri and Mississippi Rivers.

Jacob McCleland, KRCU


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