PRESS RELEASE: State Releases July 2017 General Revenue Report

Published on by Clayton Times

JEFFERSON CITY – State Budget Director Dan Haug announced today that July 2017 net general revenue collections increased 5.7 percent compared to July 2016, from $543.1 million last year to $574.2 million this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 6.6 percent for the year, from $415.4 million last year to $443.0 million this year.

Sales and use tax collections

  • Decreased 2.3 percent for the year from $154.4 million last year to $150.9 million this year.

Corporate income and corporate franchise tax collections

  • Increased 34.9 percent for the year, from $13.0 million last year to $17.6 million this year.

All other collections

  • Increased 195.7 percent for the year, from $6.2 million last year to $18.4 million this year.

Refunds

  • Increased 21.2 percent for the year, from $46.0 million last year to $55.7 million this year.

Note: The FY2018 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 $200 million from the Budget Reserve Fund for cash flow purposes. The funds will be repaid before the Constitutional deadline of May 15, 2018.

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

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