State reports revenue on pace to meet budget needs

October collections were $525.5 million, compared to $500.3 million in October 2006.

Fiscal 2008 year-to-date collections are at $2.44 billion, up 4 percent from $2.34 billion at this time last year.

Sales and use tax collections increased 5.5 percent in October and are up 0.6 percent for the year at $666.9 million, compared to $662.6 million in year-to-date 2006.

Individual income tax collections also are on the rise. They increased 10.1 percent for the month and 7.9 percent for the year to $1.65 billion.

Corporate income and corporate franchise tax collections saw the biggest gains in October. They climbed 23.5 percent for the month; they’re up 6.2 percent to $173.8 million for the year, compared to $163.6 million last year.

All other collections increased 0.6 percent for the month but fell 1.7 percent for the year to $134.3 million.

Refunds, meanwhile, increased 12.2 percent for the month and 27.1 percent for the year, to $182.2 million from $143.4 million a year ago.

In the state report, Commissioner of Administration Mike Keathley said year-to-date collections are on pace to meet the numbers needed for the current budget. However, volatility in the national housing and financial markets may cause Missouri’s growth to begin to slow, he said.[[In-content Ad]]