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Missouri ends budget year with 8.8 percent revenue growth

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JEFFERSON CITY, Mo. (AP) – Newly released data shows Missouri revenues are on the rise, which could jumpstart finances for the new budget year.

State budget director Linda Luebbering on Thursday announced revenues increased 8.8 percent in the fiscal year that ended this week. That’s compared to the previous fiscal year, which brought in $8 billion versus the roughly $8.7 billion collected in fiscal year 2015.

Luebbering says that means Missouri’s in good shape to fund the budget lawmakers passed this year. She says spending restrictions are unnecessary at this point.

Gov. Jay Nixon cited lagging revenues when he blocked hundreds of millions of dollars in planned spending this past fiscal year.

Nixon released money, but some wasn’t spent because revenues didn’t grow the 10 percent his office says was needed to fund the budget.