Auditor Tom Schweich released his annual report on the state's spending limitation constitutional amendment, known as the Hancock Amendment.
Schweich's report says in the fiscal year that ended June, 2013, the state took in more than $3 billion under the limit needed to trigger a refund.
A news release from Schweich (below) says the state's net taxes and fees increased by a total of $28.6 million, also well below the allowed limit. That means the state complied with the requirements of the spending limitation. You can read the full report at the link at the end of the news release.
News release from Auditor Tom Schweich:
(June 2, 2014) - State Auditor Tom Schweich released a report on the Hancock Amendment to the Missouri Constitution today.
Because of the limited objective of this review, no overall rating is provided
For the fiscal year ended June 30, 2013, our review determined no Hancock refunds were due. In fact, total state revenue was approximately $3.6 billion under the refund threshold. In addition, the Office of Administration, Division of Budget and Planning determined that net taxes and fees increased by a total of $28.6 million, well below the allowed limit. As a result, our review concluded the state complied with these provisions of the Hancock Amendment.
The Hancock Amendment limits the amount of Missourians' personal income that may be used to fund state government to no greater than the portion used to do so in 1981. In other words, since 5.6 percent of Missourians' personal income went to fund state government in 1981, then no more than 5.6 percent can be used to do so in future years, unless revenues are specifically excluded by a vote of the people.
The Hancock Amendment also requires voter approval before taxes or fees can be increased by the General Assembly beyond a certain annual limit. Based upon the calculation provided by the Office of Administration, Division of Budget and Planning, the relevant annual revenue limit for fiscal year 2012 was $84.2 million.
To read the full report, visit: http://www.auditor.mo.gov/AuditReports/AudRpt2.aspx?id=57
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