JEFFERSON CITY, Mo. (AP) — Missouri has more money in the bank than ever before.

New data shows Missouri closed out its 2022 fiscal year with a general revenue balance of nearly $4.9 billion. That’s more than double the previous record set just one year ago.

State Budget Director Dan Haug said inflation drove up state sales tax collections while pay raises for many workers meant they also paid more in state income taxes.

He said an influx of federal funds from pandemic relief laws and Medicaid expansion also meant Missouri had to spent fewer state dollars on some things.