Missouri fiscal 2009 collections disappointing, director says

Missouri's 6.9 percent decline in net general revenue collections at the close of fiscal 2009 is the "worst in over a generation," state Budget Director Linda Luebbering said Thursday.

The state ended the year with $7.45 billion in collections, compared to $8 billion in fiscal 2008. Collections in June were $629.3 million, a 23.9 percent decrease from $826.6 million in June 2008, according to a news release.

Sales and use tax collections were down 5.8 percent for the year at $1.88 billion and fell 0.9 percent for the month.

Individual income tax collections declined 2.9 percent for the year to $5.94 billion and dropped 16.4 percent for the month.

Corporate income and corporate franchise tax collections decreased 13.9 percent for the year to $528.3 million and were down 17.7 percent for the month.

All other collections were up 1.2 percent for the year to $544.5 million and increased 2.1 percent for the month.

Refunds were up 14.5 percent for the year at $1.44 billion and increased 141.9 percent for the month.

Tax collections were disappointing but not unexpected given economic conditions, Luebbering said. She expects the state's fiscal 2010 revenue estimates will not be reached.[[In-content Ad]]