Missouri revenue drop is ‘worst in over a generation’
Kansas City Business Journal - by St. Louis Business Journal
Missouri’s net general revenue collections dropped 7 percent in fiscal 2009 as residents lost jobs and pulled back on spending, which hurt the state’s income and sales tax collections.
State Budget Director Linda Luebbering said Thursday that during fiscal 2009, which ended Tuesday, Missouri collected $7.45 billion in general revenue, down from $8 billion last year.
“The decline in revenues is the worst in over a generation,” Luebbering said in a statement. “Tax collections of all types were disappointing this fiscal year, but not unexpected as national economic conditions continue to take their toll.”
Given the historic revenue decline and little improvement in national economic conditions, Gov. Jay Nixon cut $105 million and 200 state jobs from Missouri’s 2010 budget last week. He also froze another $325 million.
Net general revenue collections for June dropped 24 percent to $629.3 million, down from $826.6 million in June 2008.
The St. Louis Business Journal is an affiliated publication.
