State’s general revenue climbs 5.2% in November

For fiscal 2007 to date, Missouri has collected $2.92 billion, up from $2.78 billion a year ago, according to a report from the Missouri Office of Administration. Collections in November increased 5.2 percent to $577.9 million, compared to $549.4 million in November 2005.

Increases were seen in both sales and use tax collections for the year, up 1.6 percent to $843.8 million, and in individual income tax collections, up 6 percent to $1.92 billion. Sales and use tax collections were down 5.6 percent for the month, while individual income tax collections rose 4.1 percent in November.

Corporate income tax and corporate franchise tax collections fell 14.5 percent for the year to $182.1 million, from $213 million at the same time last year. Those collections showed the most monthly increase, however, rising 24.8 percent.

All other collections increased 9.6 percent for the year to $178.5 million and dropped 22.8 percent for November. Meanwhile, refunds decreased 15 percent for the year to $201.2 million and fell 17.3 percent for the month.

According to the office’s report, the revenue outlook for fiscal 2007 is encouraging, but instabilities in November may create weakness in certain revenue sources before the end of the fiscal year.[[In-content Ad]]