Missouri revenues up 2.8% compared to last fiscal year
JEFFERSON CITY, Mo. (AP) — Missouri revenues are exceeding expectations, despite dips earlier this year that raised concerns.
Budget Director Dan Haug on Friday announced fiscal year-to-date revenues increased by 2.8% as of April. Gov. Mike Parson and lawmakers were banking on a 1.7% increase compared to last fiscal year.
Missouri’s fiscal year ends in June.
Revenues were down considerably earlier this year. Budget and revenue officials cited changes to withholding tables that meant employers withheld less from workers’ paychecks for income taxes.
That meant employees had to pay a bigger chunk of their taxes in April, instead of in smaller payments throughout the year.
Missouri lawmakers raised concerns that taxpayers wouldn’t make up the difference in time, which could push Parson to make budget cuts. But revenues appear to be bouncing back.