Missouri revenues up 4 percent, but shy of budget

3 years 1 month 1 week ago Tuesday, November 04 2014 Nov 4, 2014 Tuesday, November 04, 2014 5:02:41 PM CST November 04, 2014 in News
By: The Associated Press

JEFFERSON CITY (AP) - Missouri's revenues are up more than 4 percent through the first third of the fiscal year, but the state's budget chief says that's far shy of what's needed.

Revenue figures released Tuesday show individual income tax collections are up 5.8 percent and sales tax collections are up 3.3 percent from July through October.

When those are added to other revenue sources, Missouri's finances grew at 4.3 percent compared with the same period a year earlier.

State budget director Linda Luebbering says that's well short of the roughly 11 percent general revenue growth that would be needed to pay for all of the budgeted expenses.

Missouri borrowed an additional $100 million for its cash-reserve fund during October, raising the yearly total to $300 million. That must be paid back by May.

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