Thursday, June 7, 2007
For Immediate Release

Contact: Mike Keathley,
(573) 751-1851

State Releases May 2007 General Revenue Report

JEFFERSON CITY - Commissioner of Administration Mike Keathley announced today that 2007 fiscal year-to-date net general revenue collections compared to 2006 fiscal year-to-date net collections increased by 4.9 percent, from $6.60 billion last year to $6.93 billion this year.

The Commissioner also announced that May 2007 net general revenue collections compared to May 2006 collections decreased by 1.5 percent, from $621.7 million last May to $612.3 million this May.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 2.4 percent for the year, from $1.83 billion last year to $1.88 billion this year.
• Decreased 2.7 percent for the month.

Individual income tax collections

• Increased 6.3 percent for the year, from $4.9 billion last year to $5.2 billion this year.
• Increased 2.2 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 2.6 percent for the year, from $515 million last year to $528.4 million this year.
• Increased 0.8 percent for the month.

All other collections

• Increased 3.9 percent for the year, from $428.6 million last year to $445.1 million this year.
• Increased 18.4 percent for the month.

Refunds

• Increased 5.6 percent for the year, from $1.07 billion last year to $1.13 billion this year.
• Increased 24.5 percent for the month.

"We still expect to meet the consensus revenue estimate by the end of the fiscal year," said Keathley. "May figures are good but are being compared against a very strong month last year."

"Over the next several months our revenues may begin to reflect the slow down in certain sectors of the national economy, plus the effects of higher energy costs. However, we currently expect a return to moderate growth before the end of the calendar year."

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