Missouri revenues down 4.3% compared to last year
JEFFERSON CITY, Mo. (AP) — Missouri revenues are down 4.3% compared to last fiscal year.
Data released by state Budget Director Dan Haug on Wednesday show most of the decrease is attributable to a drop in individual income tax collections. Those collections were down 8.2% at the end of March.
There could be trouble if net tax collections don’t increase before the fiscal year ends in June.
If the state doesn’t meet revenue targets used to craft this year’s spending plan, Gov. Mike Parson could make budget cuts. It also could throw off plans for next year’s budget.
There are some positive signs. Net revenue collections for March increased 1.4% compared to March 2018. Tax refunds are also down 9.2% for the year so far.