Friday, October 5, 2007
For Immediate Release

Contact: Michael Keathley,
573-751-1851

State Releases September 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 3.8 percent, from $1.84 billion to $1.91 billion.

Net general revenue collections for September 2007 increased by 5.8 percent compared to those for September 2006, from $741.2 million to $784.1 million.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 2.6 percent for the year, from $500.3 million last year to $513.5 million this year.
• Decreased 5.0 percent for the month.

Individual income tax collections

• Increased 7.4 percent for the year, from $1.19 billion last year to $1.28 billion this year.
• Increased 11.0 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 2.9 percent for the year, from $137.0 million last year to $141.0 million this year.
• Decreased 0.9 percent for the month.

All other collections

• Decreased 2.3 percent for the year, from $110.9 million last year to $108.4 million this year.
• Increased 26.0 percent for the month.

Refunds

• Increased 34.4 percent for the year, from $96.2 million last year to $129.3 million this year.
• Increased 45.3 percent for the month.

Keathley noted that collections thus far are ahead of the pace needed to ensure available funds for the current budget. The strength of the first quarter is due in part to a healthy increase in individual income tax revenue, reflecting the growth in Missouri’s job market and the results of pro-jobs policies. However, the national economy is clouded by uncertainty resulting from the struggles of the housing and financial markets the last several weeks. Should these difficulties spill over into the broader economy, Missouri’s revenue growth may begin to reflect these general market conditions.

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