Missouri government operations are functioning within the confines set by the 1980 Hancock Amendment to Missouri's Constitution, State Auditor Nicole Galloway reported Thursday - and there will be no need to refund excess revenues.
In a news release, Galloway noted the amendment "limits the amount of Missourians' income that may be used to fund state government, to no greater than the portion used to do so in 1981, except as authorized by a vote of the people."
The amendment requires the auditor to provide an annual report on the state's compliance with the amendment's provisions.
When revenues are greater than allowed by the amendment's formula, the state must pay the excess money back to taxpayers - as it did in the 1990s.
Among the findings in Thursday's 38-page report, Galloway's staff found total state revenues in the 2017-18 state business year were around $3.9 billion below the amount of income needed to trigger tax refunds.
"Missouri has not exceeded the (revenue) limit since 1999," Galloway reported, noting: "Over the last five years, the amount of (total state revenues) under the refund threshold has ranged from $3.9 billion to $4.2 billion."
That difference may get bigger in the future, the auditor's office reported, noting in its Citizens Summary: "As a result of general assembly legislative actions, net taxes and fees could decrease by a total of at least $41.3 million."