Monday, July 9, 2007
For Immediate Release

Contact: Michael Keathley,
(573) 751-1851

State Releases Fiscal Year 2007 General Revenue Report

JEFFERSON CITY - Commissioner of Administration Mike Keathley announced today that fiscal year 2007 net general revenue collections compared to fiscal year 2006 net collections increased by 5.2 percent, from $7.33 billion last year to $7.72 billion this year.

The Commissioner also announced that June 2007 net general revenue collections compared to June 2006 collections increased by 8.2 percent, from $731.1 million last June to $790.6 million this June.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 2.5 percent for the year, from $1.99 billion last year to $2.04 billion this year.
• Increased 3.2 percent for the month.

Individual income tax collections

• Increased 7.0 percent for the year, from $5.35 billion last year to $5.73 billion this year.
• Increased 14.2 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 4.1 percent for the year, from $606.7 million last year to $631.7 million this year.
• Increased 12.7 percent for the month.

All other collections

• Increased 2.9 percent for the year, from $509.3 million last year to $523.9 million this year.
• Decreased 2.5 percent for the month.

Refunds

• Increased 7.1 percent for the year, from $1.13 billion last year to $1.21 billion this year.
• Increased 33.7 percent for the month.

Recent economic indicators suggest that the economy is gradually recovering from its recent slowdown. The outlook for housing and manufacturing is improving. Overall employment continues to expand at a moderate pace. Consumers continue to spend, but recent data indicate rising energy prices are taking their toll. Because of the recent sluggish economy, the potential exists for slow revenue growth over the next several months, but moderate growth should return by the end of the calendar year.

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