Story Published:
Jul 2, 2009 at 4:42 PM CDT
Story Updated:
Jul 2, 2009 at 4:42 PM CDT
JEFFERSON CITY, Mo. -- Missouri revenues declined by nearly 7 percent in the 2009 fiscal year. The state Office of Administration said Thursday that both income taxes and sales taxes declined while tax refunds rose during the fiscal year that ended Tuesday.
Missouri's budget assumed a 3.4 percent growth in general
revenues. Final figures show a 6.9 percent decline compared to
2008.
State budget director Linda Luebbering attributed the sharp revenue decline to the national recession. The missed revenue projections caused Gov. Jay Nixon to cut expenditures to keep the budget in balance.
For the year, sales tax collections fell 5.8 percent; individual income tax collections dropped 2.9 percent; and corporate tax collections fell 13.9 percent. Tax refunds rose by 14.5 percent.
