Missouri has tapped a state reserve fund for cash flow purposes for the second consecutive month. The Office of Administration said Wednesday the state has borrowed $100 million from the Budget Reserve Fund, the same amount borrowed the previous month. The funds must be repaid by next May 15.
Missouri State Budget Director Linda Luebbering says the reserve fund can be used if monthly revenue collections do not meet monthly expenditures.
“So, just big picture here in the state of Missouri what happens, our revenue comes in a little later in the fiscal year, our spending tends to be more spread out throughout the fiscal year," Luebbering says.
Also Wednesday, officials said Missouri's revenue collections through the first two months of the new fiscal year totaled $1.16 billion, up 6.6 percent from the same period last year. August collections totaled $652.6 million.
Officials said the revenues were boosted by Missouri's share of a national mortgage settlement.
The state budget for the fiscal year that started July 1 assumes revenue growth of 3.9 percent. Excluding the mortgage settlement, revenues rose 3 percent so far this fiscal year.