State Releases July 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 collections increased by 5.3 percent, from $430.5 million last year to $453.2 million this year.  July is the first month of Fiscal Year 2007 for the State of Missouri.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 1.9 percent for the year, from $130.3 million last year to $132.8 million this year.

Individual income tax collections

• Increased 6.9 percent for the year, from $290.6 million last year to $310.7 million this year.

Corporate income and corporate franchise tax collections

• Decreased 37.1 percent for the year, from $33.1 million last year to $20.8 million this year.

All other collections

• Decreased 8.8 percent for the year, from $26.3 million last year to $24.0 million this year.

Refunds

• Decreased 29.5 percent for the year-to-date, from $49.8 million last year to $35.1 million this year.

Keathley said that the 5.3 percent monthly growth rate is well above the average for the last several years and represents a reasonable start to the new fiscal year. Keathley commented that July is typically the smallest month of the year for gross collections.  The Commissioner also noted that while the outlook for Fiscal Year 2007 is optimistic, the national economy is expected to moderate over the next several months.

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