Revenue down for month, still up for year

JEFFERSON CITY, Mo. -- State tax revenue through the first quarter of Missouri's fiscal year was slightly behind what was budgeted, but not enough to be worrisome, a state official said Wednesday.

Net general revenue collections for the fiscal year that began in July totaled about $1.65 billion, up 2.6 percent from the first three months of the previous year, the Department of Revenue said.

State budget officials have said Missouri needs net growth of about 3.1 percent to meet the budget passed by legislators and signed into law by the governor.

"We're a little bit behind forecast but nothing of great concern because we're still real early in the fiscal year," said assistant state budget director Renee Godsey.

For September, net general revenues were $645.7 million, down 0.6 percent when compared to September 2003.

August's net revenues were strong, however, rising 8.1 percent from the previous year, buoyed by strong sales tax receipts. State officials said Wednesday they still could not determine how Missouri's first-ever sales tax holiday -- which waived the state sales tax during one weekend this August -- affected state revenues.

September sales tax collections were down 1.6 percent from a year ago but, at $495.9 million, were still up 3.7 percent for the fiscal year to date.

Individual income tax collections were down 0.8 percent for the month but still up 2.5 percent for the fiscal year, at $1.03 billion.

Individual income taxes comprise about 60 percent of the state's general revenues, with about 30 percent coming from state sales and use taxes.

Corporate tax collections were up about 16.2 percent for the month, at $73.9 million, and up 14.6 percent for the fiscal year.

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On the Net:

Revenue Department: http://www.dor.mo.gov