Monday, January 7, 2008
For Immediate Release

Contact: Michael Keathley,
573-751-1851

State Releases December 2007 General Revenue Report

JEFFERSON CITY - Commissioner of Administration Mike Keathley announced today that 2008 fiscal year-to-date net general revenue collections compared to fiscal year 2007 have increased by 4.2 percent, from $3.58 billion to $3.73 billion.

Net general revenue collections for December 2007 increased by 2.9 percent compared to those for December 2006, from $653.6 million to $672.8 million.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 0.5 percent for the year, from $994.9 million last year to $999.4 million this year.
• Decreased 3.7 percent for the month.

Individual income tax collections

• Increased 8.0 percent for the year, from $2.33 billion last year to $2.51 billion this year.
• Increased 10.0 percent for the month.

Corporate income and corporate franchise tax collections

• Decreased 1.1 percent for the year, from $275.3 million last year to $272.2 million this year.
• Decreased 11.5 percent for the month.

All other collections

• Decreased 0.6 percent for the year, from $219.2 million last year to $218.0 million this year.
• Increased 7.2 percent for the month.

Refunds

• Increased 15.2 percent for the year, from $240.6 million last year to $277.1 million this year.
• Increased 20.6 percent for the month.

Keathley noted that collections thus far are ahead of the pace needed to ensure available funds for the current budget. However, the national economy is strained by the uncertainties in the housing and financial markets. The direction of the national economy over the next several months will be a significant factor in revenue collections the remainder of this fiscal year. Missouri is not facing the budget shortfalls that many other states are facing.

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