Monday, March 7, 2005
Contact: Mike Keathley, (573)751-1851
State Releases February 2005 General Revenue Report
JEFFERSON CITY - Commissioner of Administration Mike Keathley today announced that 2005 fiscal year-to-date general revenue collections compared to 2004 fiscal year-to-date comparisons, excluding the $95.1 million received from the United States Treasury as part of the "Jobs and Growth Tax Relief Reconciliation Act of 2003," have increased by 2.4 percent.
Collections net of refunds
- Increased by 2.4 percent year-to-date, from $4.09 billion last year to $4.19 billion this year.
- Decreased 1.4 percent for the month.
GROSS COLLECTIONS BY TAX TYPE
Sales and use tax collections
- Increased 1.2 percent for the year-to-date, from $1.28 billion last year to $1.3 billion this year.
- Decreased 4.9 percent for the month.
Individual income tax collections
- Increased 3.4 percent for the year-to-date, from $2.79 billion last year to $2.89 billion this year.
- Increased 0.7 percent for the month.
Corporate income and corporate franchise tax collections
- Increased 10.6 percent for the year-to-date, from $216.9 million last year to $239.8 million this year.
- Increased 55.9 percent for the month.
All other collections
- Decreased 8.0 percent for the year-to-date, from $300.5 million last year to $276.4 million this year.
- Decreased 5.2 percent for the month.
Keathley said the administration remains hopeful that the consensus revenue estimate adopted in December is achievable but that the anemic growth witnessed year-to-date is a serious concern. Keathley also said that if the situation fails to improve in the coming weeks Governor Blunt is prepared to fulfill his constitutional duty to balance the budget through withholding of funds. If withholdings are necessary, elementary and secondary public schools will be exempted.
Note: When including the $95.1 million in federal aid in Fiscal Year 2004 collections, general revenue collections net of refunds would have increased 0.1 percent year-to-date.