Decline In Missouri’s May Income Could Lead To Budget Cuts

As Gov. Jay Nixon is considering budget cuts or withholdings for the coming fiscal year that begins July 1, Missouri’s budget director said state revenue in May, $614 million, was down 3 percent, or around $20 million, compared with May 2013. April’s revenue was $50 million below April of 2013.

Photo courtesy of Creative Commons
Photo courtesy of Creative Commons

Income during the current fiscal year, which ends June 30, is up only $20 million over FY2013.

“We’re going to go into FY2015 with less than a cushion than what we anticipated,’’ Linda Luebbering, the state budget director, said.  Last year, by contrast, the state ended the FY2013 with an unexpected surplus of roughly $500 million.

The revenue drop has also played a role in the late issuing of tax refunds, which are estimated to be out by the end of the fiscal year on June 30.

Read more from St. Louis Public Radio


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