Missouri revenues falling short of budget
Thursday, January 5, 2012
JEFFERSON CITY, Mo. (AP) — Halfway through Missouri’s budget year, state revenues are sluggish.
The state budget office reported Thursday that Missouri’s revenue increased 1.2 percent through the first six months of the 2012 fiscal year. Revenues need to grow at about 2.7 percent to meet the mark set by the budget.
Budget Director Linda Luebbering says the revenue report was “concerning.” But she noted that the revenue could improve in the second half of the budget year. Missouri budgets take effect July 1.
Luebbering says corporate tax collections have been less than expected. Individual income taxes and sales taxes each have grown by 2.2 percent.
State sales tax collections were down 4 percent in December 2011 compared with December 2010.
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