State releases August 2017 general revenue report

JEFFERSON CITY – State Budget Director Dan Haug announced today that August 2017 net general revenue collections increased 7.0 percent compared to August 2016, from $740.6 million last year to $792.3 million this year.

 GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 2.3 percent for the year, from $958.0 million last year to $980.2 million this year.
  • Decreased 1.0 percent for the month.

Sales and use tax collections

  • Increased 4.6 percent for the year from $358.1 million last year to $374.4 million this year.
  • Increased 9.8 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 16.6 percent for the year, from $24.3 million last year to $28.3 million this year.
  • Decreased 4.8 percent for the month.

All other collections

  • Increased 79.3 percent for the year, from $41.0 million last year to $73.5 million this year.
  • Increased 58.4 percent for the month.

Refunds

  • Decreased 8.0 percent for the year, from $97.7 million last year to $89.9 million this year.
  • Decreased 33.8 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 $50 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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