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The Missouri Capitol in Jefferson City (2018 file photo)

Missouri revenues down 7 percent compared to last year

(AP) – Missouri revenues are down about 7 percent compared to last year.

State Budget Director Dan Haug on Tuesday announced that net general revenue collections for the fiscal year were down by about $382 million as of the end of January. That’s compared to the same time last year.

The biggest drop is in individual income tax collections. Those are down about 10 percent so far this fiscal year, which began in July and ends in June.

Revenues are far below what’s needed to fully fund this fiscal year’s budget. Legislative budgeters are banking on making up much of the difference as more people file their taxes.

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