State reports fiscal 2008 revenue off to good start

Collections in July, the first month of fiscal 2008, were $482.3 million, according to the state’s latest revenue report, released Monday.

Sales and use tax collections were up 10.7 percent for the month, climbing to $147 million from $132.8 million in July 2006.

Individual income tax collections grew 3.9 percent to $322.7 million, from $310.7 million.

Corporate income and corporate franchise tax collections were $27.5 million for July, up 32.3 percent from $20.8 million last year.

All other collections increased 5 percent to $25.2 million, from $24 million a year ago.

Refunds were up as well, by 14.4 percent, to $40.1 million, compared to $35.1 million last year.

Missouri Commissioner of Administration Mike Keathley says the outlook for the year is moderately optimistic and, because of healthy collections in fiscal 2007, only 2.6 percent growth is needed to reach the revenue estimate that is the basis for the state’s fiscal 2008 budget, according to a news release.