Missouri revenues up about 3 percent since last fiscal year
JEFFERSON CITY (AP) — Missouri tax revenues grew about 3.1 percent since last fiscal year, which is not enough to fund this year's budget.
State Budget Director Dan Haug on Wednesday announced net general revenues increased from $7.4 billion last year to $7.6 billion this year.
Growth has been down since February. Revenues needed to grow 7 percent to fund this fiscal year's budget.
Missouri Gov. Eric Greitens and his predecessor, Jay Nixon, have made a combined $350 million of spending cuts to offset lower-than-expected revenues.
Haug also says the state has repaid $500 million borrowed from a state reserve fund before the May 15 deadline.