Mo. taps reserve fund to help with cash flow
Thursday, August 2, 2012
JEFFERSON CITY, Mo. (AP) — Missouri officials have used money from a reserve fund to help with the state’s cash flow.
The state Office of Administration reported Thursday that $100 million was borrowed from the Budget Reserve Fund. The funds must be repaid by mid-May next year.
Officials reported state revenue was significantly higher in July compared with one year ago. That is mostly because of $39 million from Missouri’s share of a national settlement among states, the federal government and lenders for home foreclosure abuses. State collections from individual income taxes were down 3.4 percent compared with July 2011.
July is the first month of Missouri’s fiscal year.