State announces revenue increase for FY 2007

Net revenue collections totaled $7.72 billion in fiscal 2007, which ended June 30, compared to $7.33 billion the previous year.

Numbers for June 2007 were also up – net general revenue collections were up 8.2 percent to $731.1 million from June 2006.

Individual income tax collections for the year increased 7 percent to $5.73 billion from $5.35 billion, and collections for the month were up 14.2 percent.

Collections in all other areas were also up for the year. Sales and use tax collections increased 2.5 percent for the year and 3.2 percent for the month; corporate income and franchise taxes increased 4.1 percent for the year and 12.7 percent for the month; and refunds increased 7.1 percent for the year and 33.7 percent for the month.

The only decrease was in other collections, which were down 2.5 percent in June, though they were up 2.9 percent for the year.

Commissioner of Administration Mike Keathley said in the report that recent economic indicators show the economy is gradually recovering from its recent slowdown, while the outlook for housing and manufacturing is improving and overall employment continues its moderate expansion. Rising energy prices, however, could have a continued negative impact on consumer spending.