State Releases August 2006 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 collections increased by 6.4 percent, from $1.04 billion last year to $1.10 billion this year.

The Commissioner also announced that August 2006 net general revenue collections compared to August 2005 collections increased by 7.1 percent, from $609.5 million last August to $649.7 million this August.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

Increased 0.9 percent for the year, from $350.6 million last year to $353.9 million this year.
Increased 0.4 percent for the month.

Individual income tax collections

Increased 4.8 percent for the year, from $669.5 million last year to $701.5 million this year.
Increased 3.2 percent for the month.

Corporate income and corporate franchise tax collections

Decreased 16.2 percent for the year, from $46.6 million last year to $39.0 million this year.
Increased 34.9 percent for the month.

All other collections

Increased 23.0 percent for the year, from $65.5 million last year to $80.5 million this year.
Increased 44.5 percent for the month.

Refunds

Decreased 24.3 percent for the year, from $95.0 million last year to $71.9 million this year.
Decreased 18.6 percent for the month.

Keathley added regular sales tax collections hit $216 million in August, the most ever collected in a single month. He said the governor is pleased with the continued strength of Missouri’s consumer economy demonstrated by this milestone, despite painfully high energy and gas prices the past five months.

The Commissioner also notes that while the revenue outlook for Fiscal Year 2007 is optimistic, the national economy is expected to moderate over the next several months.

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