State Releases November 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 4.9 percent, from $2.65 billion last year to $2.78 billion this year.
The Commissioner also announced that November 2005 net general revenue collections compared to November 2004 collections decreased by 0.6 percent, from $552.8 million last November to $549.4 million this November.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 2.3 percent for the year-to-date, from $812.1 million last year to $830.9 million this year.
• Increased 4.1 percent for the month.

Individual income tax collections

• Increased 7.7 percent for the year-to-date, from $1.68 billion last year to $1.81 billion this year.
• Increased 8.5 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 48.6 percent for the year-to-date, from $143.3 million last year to $213.0 million this year.
• Increased 31.4 percent for the month.

All other collections

• Decreased 7.3 percent for the year-to-date, from $175.7 million last year to $162.9 million this year.
• Decreased 5.5 percent for the month.

Refunds

• Increased 45.2 percent for the year-to-date, from $163.1 million last year to $236.8 million this year.
• Increased 150.7 percent for the month.

            Keathley noted that this month’s decrease in collections compared to the prior year, the first decrease of the fiscal year to date, was due primarily to a particularly large increase in refunds compared to last November.  Individual and corporate tax collections remain strong and sales tax collections also improved, consistent with the increases in individual income tax collections over the past several months.

For the year to date, Keathley said the Governor is encouraged that new high paying jobs have had a positive impact on individual income tax collections, and that job growth is forecast to remain steady over the next several months.  While forecasts for holiday spending are upbeat, Keathley again cautioned that high energy prices through the winter months could put pressure on sales and other tax collections.  Similarly, businesses could be faced with higher operating costs, with the potential to impact overall revenue collections in the coming months.  In addition Keathley said the state will continue to closely monitor refund growth.

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