JEFFERSON CITY: Missouri’s revenues are up nearly 3.6 percent compared to last year, but that’s just half the pace necessary to pay for everything in the state budget.
Acting State Budget Director Dan Haug says the figures released Tuesday show solid growth of about 5.6 percent in the withholding taxes that comprise much of the state’s individual income tax revenues. Sales tax collections were up by 2.3 percent through the first three months of the 2017 fiscal year that began in July.
Corporate income taxes were down almost 22 percent during the first quarter of the fiscal year, but they comprise only a small portion of state revenues. Gov. Jay Nixon previously cut about $175 million of spending that he says was necessary to balance the budget.
