Missouri collected more general revenue in October than it did in the same month last year, but overall general revenue collections remain lower than this time last year.
On Friday, State Budget Director Dan Haug announced general revenue collections for October reached $775.3 million, an increase of 22.7 percent from last October's collections totaling $631.9 million.
Despite the increase in the month-to-month comparison, Missouri's general revenue collections so far in fiscal year 2022 are still lower than they were this time in fiscal year 2021.
Fiscal year-to-date collections have decreased 5 percent when compared to fiscal year-to-date collections through October 2020, dropping from $3.72 billion at this time last year to $3.54 billion so far this year.
Despite being down 5 percent, Haug said the state's budget is based on a forecasted revenue that's 12.9 percent lower than last year's collections, meaning the state is still on track to fully fund its budget.
"Only being down five, we're well ahead of the forecast on the budget," he said.
The state's general revenue comparison to last year's data is skewed as a result of changes to tax filing deadlines amid the COVID-19 pandemic.
By moving the April and June tax filing deadlines to July last year, the state collected revenue in a new fiscal year - which has bolstered the 2021 fiscal year figures.
As a result, collections in some areas appear to be down as compared to last year.
State collections from individual income taxes reached $2.52 billion through October, an 11.1 percent decrease from last year's $2.52 billion collected from individual income taxes.
A month-to-month comparison of October 2020 to October 2021 indicates a 26.5 percent increase in individual income tax collections.
Corporate income and franchise tax collections followed a similar pattern, dropping 12.4 percent from $277.3 million last year to $243 million collected so far this year.
Comparing October of this year to October last year, corporate income and franchise tax collections increased 43.8 percent.
The state has also seen some increases in year-to-date comparisons.
Sales and use tax collections increased 19.4 percent for the year, from $773.6 million this time last year to $923.4 million so far this year. Collections have also increased 7.2 percent as compared to October of last year.
All other types of collections also increased. From $132.7 million last year to $146 million this year, collections jumped 10.1 percent for the year, but have decreased by 15.4 percent when comparing October 2020 to October 2021.
Additionally, refunds issued by the state are down 0.3 percent so far this fiscal year.
Refunds reached $299.2 million through October of last year and $298.4 million this year. A month-to-month comparison, however, indicates the total the state has spent on refunds has increased 15.1 percent.
"Nothing really odd happened in the month as far as administrative stuff or due date stuff or anything like that, I just think the Missouri economy is still doing well," Haug said.