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.
Administrators of Missouri universities and social services programs may soon learn whether their budgets will be cut for the upcoming year. Governor Jay Nixon plans to announce today whether he is making any reductions to the state's budget and, if so, which programs will be targeted.