Surprise! Here's How Missouri Spent Your Taxes

Patch is pleased to partner with Brian R. Hook, editor and investigative reporter for Missouri Watchdog, a news website dedicated to investigative journalism about local, state and federal government across Missouri. We've invited Hook to contribute a weekly column that describes what he's watching and why it's important for Missouri taxpayers.

I miss EDGAR.

For non-financial junkies, the Electronic Data Gathering, Analysis, and Retrieval system is the place to go to find all the information on publicly traded companies required by the U.S. Securities and Exchange Commission.

There is nothing comparable online to help track state spending.

There is no CNBC with a scrolling stock ticker to watch the ups and downs of the market on TV.

Unlike with companies, there also is no scheduled time at which new information is released.

Missouri released its monthly revenue report Thursday. The monthly report, put out by the Missouri Office of Administration, is released soon after the first of each month. But there is no set date, let alone a time.

As reported by Missouri Watchdog, net general revenue collections for the fiscal year-to-date, which ended Tuesday, increased 2.7 percent to $6.45 billion compared to $6.28 billion last year during the same period.

But during May, revenue collections decreased by 3.92 percent to $589.7 million.

Missouri Budget Director Linda Luebbering said the state will need a “really good June” to meet the estimate for the fiscal year ending June 30. A decline in individual income tax collections by the state, which dropped 2.5 percent to $5.15 billion for the fiscal year-to-date, was unexpected, Luebbering told Missouri Watchdog.

Watching revenue alone does not provide a complete picture. If a company spends more than it brings in, it loses money. If a state spends more than revenue, it goes deeper into debt.

As covered in a previous column, there are, all of which include different numbers. That makes it difficult to track and report on total state spending.

Missouri, though, remains on track to reduce spending next fiscal year, starting July 1, by at least 1.9 percent.

The last time the state reduced spending year-over-year was in 2003, when it dropped by 4.7 percent.

Before then, spending went down 2.8 percent in 1984.

From 1981 through this fiscal year, total expenditures have increased about 510 percent.

Anytime the financials change on a company, it is easy to round up analysts to talk about the latest report. It is also rather easy to locate experts regarding federal spending. But very few follow state spending.

With Missouri closing in on spending $23.8 billion this fiscal year, I think it is time for a friendly reminder.

As taxpayers, this involves your hard-earned cash. How do you want your money spent?

For news updates, sign up for a newsletter and follow Missouri Watchdog on Twitter and Facebook. Brian R. Hook may be reached by phone at 314-482-7944 or by email at brhook@missouriwatchdog.org.