Missouri revenue collections fall 5% in August

Net collections in August dropped 5 percent to $614.5 million, compared to $647.1 million in August 2007. For fiscal 2009 to date, net collections are down 0.7 percent to $1.12 billion from the same time last year.

While two fewer working days in August 2008 accounted for part of the month’s decline, the numbers largely reflect an overall slowdown in consumer spending, Missouri Commissioner of Administration Larry Schepker said in a news release.

Sales and use tax collections are down 10.6 percent for the year at $334.8 million and were down 21.6 percent for August.

Individual income tax collections are up 6 percent to $778.8 million for the year and were up 4.9 percent for the month.

Corporate income and corporate franchise tax collections are down 36.6 percent to $27.9 million for the year and were down 38.8 percent for the month.

All other collections are up 6.4 percent to $74.6 million for the year and were up 6.8 percent for the month.

Refunds are up 0.4 percent to $94.3 million for the year and were up 0.7 percent for the month.

Schepker said he remains confident that collections will cover expenses in the fiscal 2009 budget, the release said. He could not be reached for additional comment.