Missouri general revenue collections up 2.8 percent

With the exception of sales and use tax collections, which decreased 8.6 percent – from $142.6 million in fiscal year 2005, year-to-date to $130.3 million so far in fiscal year 2006 – collection of other taxes have increased.

Individual income tax collections were up 5.7 percent, year-to date, increasing from $274.9 million in fiscal year 2005 to $290.6 million for the same period in the current fiscal year.

Corporate income and franchise tax collections increased 116.1 percent – up from $15.3 million year-to-date in fiscal year 2005 to $33.1 million for the same period in fiscal year 2006.

All other tax collections in the state increased 5.5 percent for the year-to-date, from $25 million in fiscal year 2005 to $26.3 million in fiscal year 2006.

Commissioner of Administration Mike Keathley said in a news release that Gov. Matt Blunt is pleased that income tax collections continue to show strength, but he is concerned about persistently anemic sales tax collections.

Keathley noted that although the first month of fiscal year 2006 shows increased state revenues, cash flow has not yet caught up with expenses. Recently, the state borrowed $200 million from its reserve fund so that regular payments to Missouri public schools would be made on time.