JEFFERSON CITY, Mo. (AP) — Missouri is beginning its new budget year with its largest cash balance in more than a decade.
Figures provided Wednesday by the state Office of Administration show Missouri ended the 2019 fiscal year on Sunday with a balance of $654 million — the largest amount since an $895 million balance to close the 2008 fiscal year.
The state’s bank account grew even though net general state revenues rose by just 1 percent, which fell short of the 1.7 percent forecast.
State Budget Director Dan Haug said much of the cash balance was built up during the 2018 fiscal year and helped the state meet its 2019 budget. He said the extra money means the state can start its 2020 fiscal year without making cuts to the nearly $30 billion budget.