Politics

Missouri's revenues increased by nearly 9 percent in FY2015

St. Louis Public Radio | By Marshall Griffin,

Marshall Griffin

Published July 2, 2015 at 8:36 PM CDT

Missouri's financial picture looks much better today than it did a year ago at this time.

Thelatest revenue figures show tax collections increased by 8.8 percent during Fiscal Year 2015, which ended Tuesday.

"Well above normal," said Linda Luebbering, budget director for Gov. Jay Nixon. "(In) a typical year, we would see about 3.5 percent growth ... in Fiscal Year 2014, our revenue actually declined (by about 1 percent) … so we were expecting some good improvement in 2015 and we did see it."

Luebbering credits a rise in individual income tax collections as the primary factor for the rise in revenue.

Credit (via Flickr/Tracy O)

"With growth of 8.5 percent for the fiscal year, (it's) our biggest source of general revenue,"Luebbering said. "Clearly a sign that you've got more people working: higher paychecks; that's why our individual income tax collections (are) up."

Luebbering also cites a larger-than-expected increase in corporate tax collections for the improved revenue picture, which rose by 3.3 percent in FY2015.

In all, Missouri collected $8.71 billion between July 2014 and June 2015, compared to $8 billion the year before.

Luebbering says revenue growth fell just short of the 10 percent growth rate needed for Gov. Jay Nixon to release funds he was still withholding from the FY2015 state budget. However, she doesn't expect line item reductions from the new state budget that took effect Wednesday.

Follow Marshall Griffin on Twitter: @MarshallGReport

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Marshall Griffin

Missouri Public Radio State House Reporter Marshall Griffin is a proud alumnus of the University of Mississippi (a.k.a., Ole Miss), and has been in radio for over 20 years, starting out as a deejay. His big break in news came when the first President Bush ordered the invasion of Panama in 1989. Marshall was working the graveyard shift at a rock station, and began ripping news bulletins off the old AP teletype and reading updates between songs. From there on, his radio career turned toward news reporting and anchoring. In 1999, he became the capital bureau chief for Florida's Radio Networks, and in 2003 he became News Director at WFSU-FM/Florida Public Radio. During his time in Tallahassee he covered seven legislative sessions, Governor Jeb Bush's administration, four hurricanes, the Terri Schiavo saga, and the 2000 presidential recount. Before coming to Missouri, he enjoyed a brief stint in the Blue Ridge Mountains, reporting and anchoring for WWNC-AM in Asheville, North Carolina. Marshall lives in Jefferson City with his wife, Julie, their dogs, Max and Mason, and their cat, Honey.

See stories by Marshall Griffin

Marshall Griffin

St. Louis Public Radio State House Reporter Marshall Griffin is a native of Mississippi and proud alumnus of Ole Miss (welcome to the SEC, Mizzou!). He has been in radio for over 20 years, starting out as a deejay. His big break in news came when the first President Bush ordered the invasion of Panama in 1989. Marshall was working the graveyard shift at a rock station, and began ripping news bulletins off an old AP teletype and reading updates between songs. From there on, his radio career turned toward news reporting and anchoring. In 1999, he became the capital bureau chief for Florida's Radio Networks, and in 2003 he became News Director at WFSU-FM/Florida Public Radio. During his time in Tallahassee he covered seven legislative sessions, Governor Jeb Bush's administration, four hurricanes, the Terri Schiavo saga, and the 2000 presidential recount. Before coming to Missouri, he enjoyed a brief stint in the Blue Ridge Mountains, reporting and anchoring for WWNC-AM in Asheville, North Carolina. Marshall lives in Jefferson City with his wife, Julie, their dogs, Max and Liberty Belle, and their cat, Honey.