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Dizzying Intellect » Borrowing Borrowers

Borrowing Borrowers

So, like a few other states, Missouri’s delaying tax refunds. Nice.

Guess what? I noticed.

I’ve always gotten my federal and state tax refunds at the same time — usually on the same day, via automatic deposit — but not this year. And now I know it’s not just me.

Missouri has delayed tax refunds and quietly borrowed $325 million from its cash reserves in order to pay employees, public schools, hospitals and other bills.

So they’ve wasted the money that they borrowed from you and me, and now they have to borrow even more to pay the bills. Repaying the money that didn’t even belong to them in the first place? Not exactly their highest priority.

Gov. Jay Nixon’s director of budget and planning confirmed Monday that the delay in tax refunds and the borrowed money both were necessary for cash flow purposes.

The “director of budgeting and planning” is obviously lacking in natural ability to do either. Think they’ll find him a new job, or just a new title?

Although Nixon’s administration never publicized it, Missouri borrowed $175 million from its reserves in February and an additional $150 million in March, according to an April 2 cash flow analysis by Nixon’s Office of Administration labeled as an internal draft.

Missouri began its 2009 fiscal year last July with $557 million in its budget reserve fund. The state constitution allows money to be withdrawn from reserves for cash-flow purposes so long as it is repaid with interest before May 16.

And yet they still have to pay out our tax refunds. Think that $325 million is going to be paid back — with or without interest — by next month? Yeah, me neither. Wonder how they’re going to make up the difference. Let me guess.

The longer the state takes to process tax returns, the longer it earns interest on the money.

Thank you, Captain Obvious.

So I guess I won’t hold my breath, waiting.

3 Comments

  • By rammer, May 11, 2009 @ 11:16 pm

    Yah, they have been holding my refund hostage for more than a month now. It is high time I recalculated my withholding anyway.

  • By rammer, May 24, 2009 @ 4:10 pm

    I read last week that they will start sending those refunds out next week and get them all out by early June. When it turns up, spend it all online on stuff you usually buy locally.

Other Links to this Post

  1. Dizzying Intellect » Oh, hai. — May 13, 2009 @ 12:37 pm

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