Missouri uses $100M from budget reserve fund
Tuesday, April 3, 2012
JEFFERSON CITY, Mo. (AP) — Missouri is tapping a state budget reserve fund for cash flow purposes.
The state Office of Administration said Tuesday that $100 million was borrowed from the reserve fund in March.
It’s the third time money has been used from the reserve in the budget year that began last July. The state used $75 million from the reserve in December and $150 million in February. All $325 million borrowed from the fund is to be repaid by May 15.
Officials also said Tuesday that state revenue through the first nine months of the budget year has grown 2.5 percent over last year. That is slightly behind the 2.7 percent growth rate on which the budget is based, but close enough that officials don’t expect additional cuts will be needed this year.
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