Missouri has collected 12.7% less in revenue than originally expected so far this fiscal year, officials said last week.

Net general revenue was $4.2 billion, compared to $4.8 billion a year earlier, a 12.7% drop. Collections in February fell at an even stronger clip and are down 14.6% over February of last year.

“As a result, we will need to downsize the scope of state government, while protecting necessary services to the citizens of Missouri,”

 Gov. Jay Nixon said in a statement.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.