State Releases October 2017 General Revenue Report

November 2, 2017

JEFFERSON CITY - State Budget Director Dan Haug announced today that October 2017 net general revenue collections increased 8.9 percent compared to October 2016, from $585.1 million last year to $637.3 million this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections
Increased 3.8 percent for the year, from $2.06 billion last year to $2.13 billion this year.
Increased 7.9 percent for the month.

Sales and use tax collections
Decreased 0.6 percent for the year from $691.3 million last year to $687.4 million this year.
Decreased 2.0 percent for the month.

Corporate income and corporate franchise tax collections
Increased 16.5 percent for the year, from $110.3 million last year to $128.5 million this year.
Increased 83.0 percent for the month.

All other collections
Increased 1.9 percent for the year, from $125.5 million last year to $127.9 million this year.
Decreased 49.1 percent for the month.

Refunds
Decreased 11.2 percent for the year, from $222.9 million last year to $197.9 million this year.
Decreased 24.3 percent for the month.

Note: The FY 2018 total refund line includes Debt Offset Escrow amounts, which had not previously been included in the FY 2017 refund amount.

Director Haug also noted the General Revenue Fund borrowed $100 million from the Budget Reserve Fund for cash flow purposes. The funds will be repaid before the Constitutional deadline of May 15, 2018.

The Department of Revenue is transitioning to a new integrated tax collection system.  As a result, the October 2017 collections are not directly comparable to the October 2016 collections.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.