Data released by State Budget Director Linda Luebbering shows that Missouri's 2009 general revenue collections are down 1.4 percent year-to-date compared to 2008. Through February, Missouri has collected $4.83 billion, compared to $4.9 billion in the same period last year.
Net general revenue collections for the month of February decreased by 10.5 percent to $393 million, compared to $438.9 million for the same month in 2008, though Luebbering noted in a news release that February collections were hampered by one less working day this year.
Sales and use tax collections decreased 6.5 percent for the year, to $1.27 billion for the year, and decreased 16.6 percent for February.
Individual income tax collections increased 3.1 percent for the year to $3.71 billion and decreased 3.3 percent for the month.
Corporate income and corporate franchise tax collections decreased 6.8 percent for the year to $294.7 million and dropped 42.6 percent for the month.
All other collections decreased 3.3 percent for the year to $276.7 million and declined 18.7 percent for the month.
The state also reported that refunds increased 8.8 percent for the year to $715 million, compared to $657 million last year, and they dropped 5.5 percent in February.
Luebbering cites the national recession and the current Missouri unemployment rate - 8 percent, a 25-year high - as factors in decreased collections, and she expects revenue collections will continue to struggle in the next few months, according to the release.
She did note that net collections for the month were consistent with the recently announced consensus revenue estimate.[[In-content Ad]]
Moseley’s Discount Office Products was purchased; Side Chick opened in Branson; and the Springfield franchise store of NoBaked Cookie Dough changed ownership.
