Office of Administration News
June 3, 2009
State Releases May 2009 General Revenue Report
JEFFERSON CITY - State Budget Director Linda Luebbering announced today that 2009 fiscal year-to-date net general revenue collections declined 5.0 percent compared to 2008, from $7.18 billion last year to $6.82 billion this year.
Net general revenue collections for May 2009 decreased by 44.8 percent compared to those for May 2008, from $726.7 million to $400.9 million.
GROSS COLLECTIONS BY TAX TYPE
Sales and use tax collections
- Decreased 6.5 percent for the year, from $1.83 billion last year to $1.71 billion this year.
- Decreased 21.4 percent for the month.
Individual income tax collections
- Decreased 1.5 percent for the year, from $5.57 billion last year to $5.48 billion this year.
- Decreased 24.4 percent for the month.
Corporate income and corporate franchise tax collections
- Decreased 13.2 percent for the year, from $523.0 million last year to $453.7 million this year.
- Decreased 41.4 percent for the month.
All other collections
- Increased 1.0 percent for the year, from $453.5 million last year to $458.0 million this year.
- Increased 21.3 percent for the month.
Refunds
- Increased 7.3 percent for the year, from $1.19 billion last year to $1.28 billion this year.
- Increased 182.1 percent for the month.
Luebbering noted that individual income tax refunds are now being distributed quickly due to the transfer of federal budget stabilization dollars into the state's general revenue fund. Tax collections of all types were disappointing in May, but not unexpected as the national economic conditions continue to take their toll. The Division of Budget and Planning will continue monitoring revenues and expenditures closely to ensure the budget remains balanced.
Contact: Linda Luebbering,
573-751-2345
