Tax Revenue Up in March, Still Down for Year
Jefferson City, Mo. – Missouri took in about 8% more tax money last month than in March 2002. But the state is still about 6% below what was budgeted for this current fiscal year.
That's why Governor Holden has cut more than $200 million from the budget in recent months.
The state Department of Revenue says tax collections for the first three-quarters of the fiscal year still are nearly three
percent below the previous year, which is far short of the more than 3% growth that had been assumed when crafting the state's nearly $19 billion budget.
To help make up for the revenue shortfall, Governor Holden has cut $225 million dollars in budgeted state spending.
On Thursday, the state plans to issue $387 million in revenue bonds. Of that, $150 million would be used to help offset the shortfall in the current fiscal year.