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.
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.