The state budget director reported that general revenue collections in the fiscal year that ended June 30 decreased by 1 percent, from $8.08 billion in 2013 to $8 billion, which is about $240 million short of the income projected when the fiscal year began.
General revenue collections for June decreased by 12.3 percent compared to those for June 2013, according to State Budget Director Linda Luebbering.
The looming shortfall prompted budget cuts by Gov. Jay Nixon last week. The new budget year is starting out about $400 million in the hole because its revenue projections were based higher income for Fiscal Year 2014, Luebbering said in an interview with St. Louis Public Radio.
Luebbering said there was an unexpected slight decline in individual income tax collections for the overall fiscal year.