March 22, 2010

Missouri revenues fell 14 percent in October

by The Associated Press

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Missouri revenues fell 14 percent in October

Story Published: Nov 4, 2009 at 4:02 PM CDT

Story Updated: Nov 4, 2009 at 4:02 PM CDT

JEFFERSON CITY, Mo. -- A sharp drop in sales tax collections contributed to another bad month financially for Missouri last month. Figures released Wednesday show Missouri's revenues fell 14 percent last month compared with October 2008.

Sales tax collections were down more than 24 percent but budget director Linda Luebbering says that's due partly to differences in when merchants paid the state. Individual income taxes fell nearly 9 percent, and corporate taxes declined by 26 percent in October.

Last week, Gov. Jay Nixon announced more than $200 million in additional spending cuts that he said were necessary to balance the budget because of declining revenues.

Missouri's budget year began in July. Through its first four months, net general revenues were down 10.8 percent compared with the previous year.

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