State Releases November 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 net collections increased by 5.1 percent, from $2.78 billion last year to $2.92 billion this year.

The Commissioner also announced that November 2006 net general revenue collections compared to November 2005 collections increased by 5.2 percent, from $549.4 million last November to $577.9 million this November.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 1.6 percent for the year, from $830.9 million last year to $843.8 million this year.
• Decreased 5.6 percent for the month.

Individual income tax collections

• Increased 6.0 percent for the year, from $1.81 billion last year to $1.92 billion this year.
• Increased 4.1 percent for the month.

Corporate income and corporate franchise tax collections

• Decreased 14.5 percent for the year, from $213.0 million last year to $182.1 million this year.
• Increased 24.8 percent for the month.

All other collections

• Increased 9.6 percent for the year, from $162.9 million last year to $178.5 million this year.
• Increased 22.8 percent for the month.

Refunds

• Decreased 15.0 percent for the year, from $236.8 million last year to $201.2 million this year.
• Decreased 17.3 percent for the month.

Keathley noted that national economic indicators have cooled, which is consistent with forecasts of a "soft landing". There is increasing evidence of some turbulence in the housing and manufacturing sectors. Despite this, the overall economic expansion continues, as evidenced by recent record highs in equity markets. The revenue outlook for FY 2007 remains encouraging, but the instabilities mentioned above may introduce some weakness to certain revenue sources before the fiscal year end.

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