Mo. revenue increases through November, but falling short of expected numbers
Missouri tax revenues have increased this year but are falling short of what was expected in the state's budget.
The state Office of Administration reported Friday that state revenues through November increased 2 percent, to $2.84 billion from $2.78 billion last year. So far, sales tax collections are up 3.4 percent but corporate income taxes are down 10.7 percent.
In addition, budget officials said Friday that they have corrected an error in how much general revenue was collected during the 2011 budget year that ended June 30. Officials say the state collected $66.6 million less in general revenue last year because of the mistake.
State budget director Linda Luebbering says state revenue now must grow by just under 3 percent to meet the budget.