State tax revenue dipped in August, but Gov. Jay Nixon’s administration says it’s too early to tell if it represents a trend.
A month after revenues jumped 7.2 percent over July 2015 levels, state Acting Budget Director Dan Haug announced Friday that August net general revenue collections decreased 1.4 percent compared to the same period last year.
In all, the state collected $740.6 million during August, down from from $751.3 million last year.
Despite the drop, Haug said income tax collections indicate more people are working or people who are working are receiving raises, which indicates an “underlying strength in economy,” he said.
It is not yet clear if Nixon will be able to release some of the $115 million in new spending he froze in July in anticipation of budget shortfalls in the fiscal year that began July 1.
Read more: St. Louis Post-Dispatch