Release: State Releases October 2016 General Revenue Report

JEFFERSON CITY – Acting State Budget Director Dan Haug announced today that 2016 fiscal year-to-date net general revenue collections increased 3.4 percent compared to 2015, from $2.67 billion last year to $2.76 billion this year.

Net general revenue collections for October 2016 increased by 2.9 percent compared to those for October 2015, from $568.6 million to $585.1 million.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

• Increased 5.0 percent for the year, from $1.96 billion last year to $2.06 billion this year.
• Increased 6.2 percent for the month.

Sales and use tax collections

• Increased 2.2 percent for the year, from $676.6 million last year to $691.3 million this year.
• Increased 1.6 percent for the month.

Corporate income and corporate franchise tax collections

• Decreased 24.3 percent for the year, from $145.7 million last year to $110.3 million this year.
• Decreased 40.9 percent for the month.

All other collections

• Increased 16.2 percent for the year, from $108.0 million last year to $125.5 million this year.
• Increased 95.6 percent for the month.

Refunds

• Increased 1.4 percent for the year, from $219.7 million last year to $222.9 million this year.
• Increased 29.3 percent for the month.

Acting Director Haug also noted the General Revenue Fund borrowed $150 million from the Budget Reserve Fund for cash flow purposes.  The funds will be repaid before the Constitutional deadline of May 15, 2017.