Missouri state government revenue has grown 2.5 percent since the fiscal year began July 1, thanks to continued increases in individual and corporate income tax collections, plus a bump in sales taxes. The state’s budget for this fiscal year is based on a projected revenue increase of 3.1 percent.
In money terms, as of Oct. 30, the state had collected $60 million more in general revenue for the current fiscal year, compared to a year ago.
The slower growth could become a factor when the General Assembly reconvenes in January because it is likely to become embroiled in a new effort to cut state taxes. The state ended the last fiscal year with a slight surplus, which was used primarily to beef up the state government’s underfunded reserves.