Missouri Revenue Collections Continue to Exceed Expectations
Missouri revenues continue to exceed expectations for the year.
State Budget Director Dan Haug on Wednesday announced fiscal year-to-date revenues increased by 2.1% as of May. That’s compared to the same time frame last year.
Gov. Mike Parson and lawmakers were banking on a 1.7% increase compared to last fiscal year.
The state’s fiscal year runs from July to June.
Revenues were down considerably earlier this year.
Budget and revenue officials cited changes to withholding tables that meant employers withheld less from workers’ paychecks for income taxes. That meant employees had to pay a bigger chunk of their taxes in April, instead of in smaller payments throughout the year.
Missouri lawmakers raised concerns that taxpayers wouldn’t make up the difference in time. But revenues appear to have bounced back.