State collects $8B in fiscal 2008 revenue

The state’s Office of Administration on July 3 reported $8 billion in collections for the year, which ended June 30, compared to $7.72 billion in fiscal 2007. The final figure includes a $50 million surplus in receipts over expenditures, the report said.

Collections in June were up 4.5 percent from June 2007.

Individual income tax collections showed the most growth in the latest report, with a 6.7 percent increase for the year to $6.11 billion and a 4.8 percent increase for June.

Sales and use tax collections fell 2.1 percent for the year to $2 billion but climbed 3.8 percent for the month.

Corporate income and corporate franchise tax collections, meanwhile, showed a 2.9 percent drop for the year to $613.5 million and a 12.4 percent decline for the month.

All other collections were up 2.7 percent for the year to $538.1 million and up 7.5 percent for the month. Refunds increased 4.1 percent for the year to $1.26 billion but fell 14.5 percent for the month.

Missouri is one of 13 states projecting stable or optimistic revenue outlooks for 2009, according to an April report from the National Conference of State Legislatures, the report said. The report also says the Show-Me State is one of 15 states projecting an increase in fiscal 2009 revenues compared to fiscal 2008, according to the National Association of State Budget Officers.

Missouri Commissioner of Administration Larry Schepker is optimistic that revenue growth will not falter in fiscal 2009, but “national economic trends are concerning,” the report said.