Missouri collections up for December, down for year

Missouri's net general revenue collections are down two-tenths of a percentage point for the year to date despite healthy gains in December.

Collections for the year, which began July 1, are at $3.72 billion, a modest drop from $3.73 billion at the same time last year. The month of December, meanwhile, saw collections spike 16.8 percent compared to December 2007 to $785.6 million. Officials say the month was helped by two extra working days and some November collections that arrived in December because Thanksgiving fell late in the month, according to a news release.

Sales and use tax collections are down 3.7 percent for the year at $962 million but gained 19 percent in December. Individual income tax collections are up 4.9 percent for the year at $2.64 billion and grew 21.3 percent in December.

Corporate income and corporate franchise tax collections are down 6.9 percent for the year at $253.4 million but increased 8.3 percent for the month.

All other collections are up 3.2 percent for the year at $225 million and climbed 32.2 percent for the month. Refunds, meanwhile, are up 28.9 percent for the year at $357.2 million and grew 66.4 percent for December.

State officials still expect to miss targeted revenue estimates for the fiscal year because of the national recession, the release said. In fourth-quarter 2008, Missouri moved from being one of only 20 states anticipating revenue gains in fiscal 2009 to joining 41 states facing budget shortfalls. Gov.-elect Jay Nixon said the shortfall could surpass $340 million - compared to the $281 million surplus the state originally expected for the year ending June 30.[[In-content Ad]]