MO Gov. Nixon prepares to veto tax cut bill, as state likely to end fiscal year with a hefty surplus

Missouri’s state government appears on track to end this fiscal year with an unanticipated cushion of at least $300 million. The overall growth for FY2013 was about twice what had been predicted.

But state Budget Director Linda Luebbering cautioned Tuesday that the May monthly figures also hint that the state’s spate of good financial news may be brief.

With just a few weeks left to go before ending on June 30, this fiscal year’s growth is running 10.4 percent above the growth for FY2012 – more than twice the growth estimate of 4.8 percent used to craft the current budget.

As of May 30, the state had collected $7.3 billion in general revenue for the current fiscal year, compared to $6.61 billion at the same point last year. Luebbering said in an interview that the growth was fueled largely by a growth in individual income taxes of almost 10 percent – a sign that more Missourians are working.


https://www.stlbeacon.org/#!/content/31257/mobudg_nixon_veto_rand_000413?coverpage=3384