Missouri State Auditor Nicole Galloway has launched an initiative seeking to determine the causes of the money problems plaguing Missouri. Galloway, a Democrat, said she wants to identify weaknesses in policymaking and the causes of the state’s budget crisis, which has swelled to an estimated $500 million shortfall for the fiscal year that begins in July.
Missouri has a $27 billion state operating budget.
The audits will focus on the annual review of state use of federal dollars, known as the Statewide Single Audit; the annual review of state revenue, known as the Hancock Amendment Report; Missouri economic rankings compared to other states; an audit of tax credit programs; an audit of sales, corporate, and income tax exemptions and impacts; and an audit of the state’s timeliness of issuing tax returns. The audits will also examine potential future challenges and vulnerabilities.
The audits will be released individually as they are completed throughout the year.
Read more: Missourinet