Missouri’s general-revenue income for the first four months of the current fiscal year is down about $110 million, or 3.9 percent, from a year ago. State officials say federal tax cuts are the primary culprit.
Despite the decline, Dan Haug, the state’s budget director, said he’s optimistic numbers will rebound in the second half of the fiscal year, which runs through June 30. State income shot up in the second half of last fiscal year, Haug said.
Given that, Haug said, he doesn’t anticipate Gov. Mike Parson will need to implement any new spending restrictions in the coming months.
General revenue makes up about one-third of state income and pays for most state operations.
Beyond the general-revenue number, other key figures from the latest budget update are:
- Individual income tax collections – Down 3.6 percent for the fiscal year
- Sales and use tax collections – Up 4.7 percent for the fiscal year
- Corporate tax collections – Up 2 percent for the fiscal year
Read more: St. Louis Public Radio