Mo. revenue falling short of budget
Thursday, November 3, 2011
JEFFERSON CITY, Mo. -- Missouri's revenue has fallen slightly short of what's needed to meet the budget through the first third of the state fiscal year.
Figures released Wednesday by the state Office of Administration show general revenue rose 1.2 percent through October compared with the same point in the previous fiscal year.
State budget director Linda Luebbering said revenue needs to grow at around 2 percent to meet the mark set by the budget.
Missouri's 2012 fiscal year began July 1. So far, sales tax collections are up about 5.5 percent and individual income tax collections are up 2.5 percent compared with the first four months of last fiscal year. But corporate tax collections are down 16.8 percent, and the state also has seen declines in other revenue categories.