JEFFERSON CITY, Mo. (AP) - Missouri may soon need to dip into its reserves in order to pay its bills.
Figures released Wednesday show that Missouri ended its 2014 fiscal year with a 1 percent decline in revenues compared with the previous year.
But the shortfall is larger when compared to the growth that had been projected. The roughly $8 billion in general revenues was $308 million short of what Gov. Jay Nixon's administration projected and $241 million short of what the Legislature forecast.
That means the state has started its new fiscal year with less money in the bank than normal.
Nixon budget director Linda Luebbering says the state likely will have to dip into its reserves in July for cash-flow purposes.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.