Coronavirus continues to hit Missouri revenues
JEFFERSON CITY — Data released Friday show revenue collections in Missouri continue to drop significantly because of the coronavirus pandemic.
Data from state Budget Director Dan Haug show net general revenue collections are down 7.4% so far this fiscal year compared to last year. The state fiscal year runs from July to June.
Revenues in May dropped significantly as many businesses remained closed and people were left without work as the state unemployment rate shot up to 9.7%.
Last month alone, net general revenues decreased more than 22% compared to May 2019.
Missouri Gov. Mike Parson cut close to $428 million in state government spending this year to compensate.
His latest round of cuts included $123 million less in core funding for public K-12 schools and $34 million from four-year public colleges. Much of the cuts to K-12 schools will be offset by federal funding.