Mo. uses $175M from reserve fund for cash flow

JEFFERSON CITY, Mo. -- Missouri has used a state budget reserve fund to improve its cash flow.

The Office of Administration reported $175 million was borrowed from the Budget Reserve Fund in March. The state now has used $375 million during the current year. All the money will be repaid by May 15.

Budget Director Linda Luebbering on Tuesday said the state regularly uses the reserve fund during March. She said those who receive tax refunds frequently file sooner than those who owe additional taxes.

Officials also on Tuesday reported that state revenue through the first three-quarters of the fiscal year increased 8.3 percent compared with last year.

Individual tax collections are up about 5.3 percent and corporate income taxes are up 4.3 percent. Sales taxes are up less than 1 percent.