Thursday, November 8, 2007
For Immediate Release

Contact: Michael Keathley,
573-751-1851

State Releases October 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 2007 have increased by 4.0 percent, from $2.34 billion to $2.44 billion.

Net general revenue collections for October 2007 increased by 5.0 percent compared to those for October 2006, from $500.3 million to $525.5 million..

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 0.6 percent for the year, from $662.6 million last year to $666.9 million this year.
• Decreased 5.5 percent for the month.

Individual income tax collections

• Increased 7.9 percent for the year, from $1.52 billion last year to $1.65 billion this year.
• Increased 10.1 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 6.2 percent for the year, from $163.6 million last year to $173.8 million this year.
• Increased 23.5 percent for the month.

All other collections

• Decreased 1.7 percent for the year, from $136.7 million last year to $134.3 million this year.
• Increased 0.6 percent for the month.

Refunds

• Increased 27.1 percent for the year, from $143.4 million last year to $182.2 million this year.
• Increased 12.2 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, while performing well through the autumn, is encumbered by the uncertainties in the housing and financial markets.  Should these difficulties spill over into the broader economy, Missouri’s revenue growth may slow. 

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