State Releases October 2005 General Revenue Report

Jefferson City - Commissioner of Administration Mike Keathley announced today that 2006 fiscal year-to-date net general revenue collections compared to 2005 fiscal year-to-date collections have increased by 6.4 percent, from $2.1 billion last year to $2.2 billion this year.

The Commissioner also announced that October 2005 net general revenue collections compared to October 2004 collections increased by 12.5 percent, from $444 million last October to $499 million this October.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 1.8 percent for the year-to-date, from $627.8 million last year to $639.1 million this year.
• Increased 3.8 percent for the month.

Individual income tax collections

• Increased 7.5 percent for the year-to-date, from $1.3 billion last year to $1.4 billion this year.
• Increased 6.4 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 50.1 percent for the year-to-date, from $131.9 million last year to $198.1 million this year.
• Increased 65.9 percent for the month.

All other collections

• Decreased 7.8 percent for the year-to-date, from $139.7 million last year to $128.9 million this year.
• Decreased 22.0 percent for the month.

Refunds

• Increased 23.4 percent for the year-to-date, from $135.1 million last year to $166.8 million this year.
• Decreased 33.7percent for the month.

Keathley said the Governor is encouraged that new high paying jobs have had a positive impact on individual income tax collections. At the same time he cautioned downside pressures on consumer spending as a result of higher fuel and gas prices, which are expected to remain high through the winter months, are still putting pressure on sales and other tax collections. Similarly, businesses will likely be faced with higher operations costs, collectively impacting overall revenue collections in the coming months.

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