JEFFERSON CITY (AP) — Missouri revenues are down 4.3 percent compared to last fiscal year.
Data released by state Budget Director Dan Haug on Wednesday show most of the decrease is attributable to a drop in individual income tax collections. Those collections were down 8.2 percent at the end of March.
There could be trouble if net tax collections don’t increase before the fiscal year ends in June.
If the state doesn’t meet revenue targets used to craft this year’s spending plan, Gov. Mike Parson could make budget cuts. It also could throw off plans for next year’s budget.
There are some positive signs. Net revenue collections for March increased 1.4 percent compared to March 2018. Tax refunds are also down 9.2 precent for the year so far.