JEFFERSON CITY, Mo. (AP) – Missouri Auditor Nicole Galloway is launching a series of audits looking into the reasons why the state is facing a budget shortfall.
Galloway says some of the audits will focus on state tax credits and exemptions that reduce that amount of revenue Missouri receives from income and sales taxes.
Galloway on Thursday told members of The Associated Press and Missouri Press Association that poor financial projections for legislation have caused some of the problems. She says legislative projections for a recent change in how some businesses can calculate taxes were off by 770 percent, resulting in millions of dollars less in taxes than expected.
Galloway says other audits will look at federal and state revenues, the timeliness of issuing tax refunds and Missouri’s economic rankings.