State Releases November 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 4.5 percent, from $2.92 billion to $3.05 billion.

Net general revenue collections for November 2007 increased by 6.2 percent compared to those for November 2006, from $577.9 million to $613.9 million.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 1.2 percent for the year, from $843.8 million last year to $853.9 million this year.
• Increased 3.2 percent for the month.

Individual income tax collections

• Increased 7.6 percent for the year, from $1.92 billion last year to $2.06 billion this year.
• Increased 6.1 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 4.2 percent for the year, from $182.1 million last year to $189.7 million this year.
• Decreased 14.0 percent for the month.

All other collections

• Decreased 2.3 percent for the year, from $178.5 million last year to $174.4 million this year.
• Decreased 4.2 percent for the month.

Refunds

• Increased 14.1 percent for the year, from $201.2 million last year to $229.6 million this year.
• Decreased 18.0 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.

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