Mo. revenues still too low to balance the budget
Missouri's revenues are up over last year - they're just not growing fast enough to keep the state's budget in balance.
The state Office of Administration reported today that net revenues from July 2011 through last month increased 2.4 percent over the same period a year earlier. That's better than January's figures, when revenue was growing just 1.3 percent, but the FY 2012 budget is based on a growth rate of 2.7 percent. Revenue has consistently come in below what is needed, and there are just four months left in the fiscal year.
Sales and individual incomes taxes were up in February, but corporate income tax dropped 11.9 percent.