Missouri borrows cash from reserve funds
Jefferson City, MO – Missouri has had to borrow reserve funds to stay afloat the past two months.
Records show the state borrowed $175 million from its reserve funds in February and $150 million in March, in order to pay state workers, keep schools operating and cover other expenses.
State Budget Director Linda Luebbering says, though, they don't expect to borrow any more.
"We're basing that on our revenue projections that at this point we have finished borrowing, and that we will have the budget reserve fund fully repaid no later than May 15th, that's the required date...we may be able to repay it earlier than that," Luebbering said.
The state's economic downturn has also resulted in some Missourians experiencing delays in getting their state income tax refunds.
Ted Farnen is with the Department of Revenue.
"If the money just isn't there by the time we've been processing some of these, we can't send out a return or a refund," Farnen said.
Luebbering added that in spite of the delays, the average Missourian should still get his or her state tax refund within seven days of filing their return.