Missouri revenue falls 2% in October

Missouri's net general revenue collections fell 2 percent in October, a decline Commissioner of Administration Larry Schepker calls "worrisome," he said Friday.

For the month, collections were $514.8 million, compared to $525.5 million in October 2007. For the year to date, collections were $2.41 billion, down 1.1 percent from $2.44 billion a year ago.

"The continuing decline in general revenues, while unsurprising given the developments in the national economy, is worrisome," Schepker said in a news release. He said the state most likely will not end the fiscal year with a $340 million balance, as was estimated.

Sales and use tax collections were down 3.3 percent for the year to date at $645.1 million and were down 2.1 percent for October.

Individual income tax collections were up 2.1 percent for the year to $1.68 billion and up 1.5 percent for the month.

Corporate income and corporate franchise tax collections fell 12.6 percent for the year to $151.8 million and were down 16.7 percent for the month.

All other collections were up 0.8 percent to $135.5 million for the year and were down 16.4 percent for the month.

Refunds increased 11.1 percent to $202.4 million for the year and were up 6.2 percent for the month.[[In-content Ad]]