Missouri revenues falling short of projections

Missouri appears increasingly likely to finish its budget year with less revenue than had been expected. The state budget office stated Tuesday that Missouri's net general revenues are up just 0.2% through the first 11 months of its 2014 fiscal year. The Legislature had projected 2% growth, and Gov. Jay Nixon had forecast 2.8% growth for the year. State sales tax revenues actually have increased by 2% over the previous year, but Missouri's individual income tax collections — which are the state's primary revenue source — are down 0.7%. The sluggish revenues have led to the Department of Revenue to slow down the pace of issuing income tax refunds to thousands of Missouri taxpayers. The 2014 fiscal year runs through June 30th.