Missouri budget officials and lawmakers are taking a close look at the state’s general revenue collections, which were down $100 million, or about 6.8 percent, over the first two months of its fiscal year.
The state collected $543.6 million in July, down 5.3 percent from $574.2 million last July. In August, the state brought in $730.5 million, a decrease of 7.8 percent from $792.3 million a year ago. The state fiscal year started July 1.
State Budget Director Dan Haug called the dip in revenues concerning and said his office is “monitoring it closely.”
Haug said a clearer budget picture will emerge after September when quarterly taxes are filed.
To date, individual income tax collections, the largest revenue stream, are down 5 percent from last year. Corporate income and franchise tax collections are off 5.4 percent. Sales and use tax, meanwhile, are up 3.8 percent.
Read more: Missourinet