Posted: Apr 2, 2013 2:26 PM by Nick Chabarria
Updated: Apr 2, 2013 6:23 PM
JEFFERSON CITY - The Office of Administration reported the state borrowed $175 million from the budget reserve fund in March.
Budget Director Linda Luebbering said the state regularly borrows money from the reserve fund in March. Borrowing money in March is common as the funds are used by the state to pay tax refunds, according to Luebbering. She said that people who receive a tax refund typically file their return quicker than those who owe more.
Luebbering said $175 million is not a high amount to borrow. Over the last 11 years the state has accessed the reserve fund 10 of them according to Luebbering.
So far, the state has borrowed $375 million in 2012-2013 fiscial year. That amount is expected to be paid back by May 15 using money recieved from owed taxes, said Luebbering.