Missouri revenues up 4.3 percent but remain short of budget

3 weeks 5 days 7 hours ago April 04, 2017 Apr 4, 2017 Tuesday, April 04 2017 Tuesday, April 04, 2017 5:35:21 PM CDT in News
By: The Associated Press

JEFFERSON CITY (AP) — Missouri tax revenues are still growing, but not by enough to meet the state budget.

Figures released Tuesday by the state Office of Administration show net general revenues were up 4.3 percent through the first three-quarters of the fiscal year compared to the same point last year.

That growth rate has fallen back a bit since February. And it remains shy of the roughly 7 percent growth needed to fully fund the 2017 budget.

The report shows moderate growth in individual income and sales taxes, the two main sources of state revenue. But corporate tax collections are one-fourth lower than the previous year.

Missouri Gov. Eric Greitens and his predecessor, Jay Nixon, have made a combined $350 million of spending cuts to offset lower-than-expected revenues.

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