Revised Missouri budget shows $700 million decrease in revenue this year

The state announced Thursday that year-to-date revenues are being revised to 12.7 percent below fiscal year 2009 as collections continue to fall below projections.

The state fiscal year runs from July 1 to June 31.

Linda Luebbering, state budget director, said that general revenue collections are projected to decline to $6.73 billion, a $700 million decrease from the 2009 fiscal year, making it largest decline in state history.

In addition, Luebbering said in a press release, even as the economy begins to rebound, state revenue growth will continue to lag for a prolonged period of time.

"Given the economic situation, next year's revenue collections are also anticipated to fall below the original projection that was agreed to in January by the House, Senate and Administration," she said.

"The governor has asked the House and Senate to work together to develop a new consensus revenue estimate, with preliminary estimates indicating revenue will fall short by over $200 million."

-- News-Leader