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Missouri revenues falling short of projections

Missouri revenues falling short of projections

June 4th, 2014 in News

JEFFERSON CITY (AP) - Missouri appears increasingly likely to finish its budget year with less revenue than had been expected.

The state budget office state Tuesday that Missouri's net general revenues are up just 0.2 percent through the first 11 months of its 2014 fiscal year.

The Legislature had projected 2 percent growth, and Gov. Jay Nixon had forecast 2.8 percent growth for the year.

State sales tax revenues actually have increased by 2 percent over the previous year. But Missouri's individual income tax collections - which are the state's primary revenue source - are down 0.7 percent.

The 2014 fiscal year runs through June 30.

The sluggish revenues have led Department of Revenue to slow down the pace of issuing income tax refunds to thousands of Missouri taxpayers.