Missouri revenues up 5 percent but still short of budget
JEFFERSON CITY (AP) — A new report shows Missouri's revenues were up nearly 5 percent through the first two-thirds of its fiscal year.
The figures released Thursday by the state Office of Administration show improvement over previous months but are still short of the roughly 7 percent growth needed to fully fund the 2017 budget.
Net general revenues were up 4.93 percent through February compared to the same point the previous year. That included 4 percent growth in individual income taxes, which comprise the largest share of state revenues. Sales tax revenues were up 2.3 percent.
The bottom line was made better by a 12 percent decline in tax refunds.
Missouri Gov. Eric Greitens and his predecessor Jay Nixon have together made nearly $350 million of spending cuts because revenues were short of projections.