JEFFERSON CITY, Mo. (AP) — Missouri tax revenues have grown about 3.1 percent since last fiscal year, which is not enough to fund this year’s budget.
State Budget Director Dan Haug said Wednesday that net general revenues through April stood at $7.6 billion, up from $7.4 billion at the same point last year.
Missouri’s 2017 fiscal year began last July and runs through the end of June.
Revenues would need to grow by about 7 percent to fully fund the budget.
Missouri Gov. Eric Greitens and his predecessor, Jay Nixon, have made a combined $350 million of spending cuts to offset lower-than-expected revenues.
Haug also says the state has repaid $500 million borrowed from a state reserve fund before the May 15 deadline to do so.