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Examples
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Despite lower than projected income and sales tax revenues, Missouri ended its 2011 fiscal year Thursday with 5.9 percent growth over the previous year and a cash balance of about $300 million, Luebbering said.
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"Sitting here today, we don't know if that $150 million will be adequate," said Linda Luebbering, the head of the governor's budget and planning office.
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If disaster costs go much higher than that, Luebbering said the state may need to consider tapping its $500 million rainy day fund, which hasn't been used since widespread flooding in 1993.
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If disaster costs go much higher than that, Luebbering said the state may need to consider tapping its $500 million rainy day fund, which hasn't been used since widespread flooding in 1993.
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"Sitting here today, we don't know if that $150 million will be adequate," said Linda Luebbering, the head of the governor's budget and planning office.
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Luebbering said most of the additional money is needed because of the May 22 tornado that killed 156 people and destroyed about 8,000 homes and businesses in Joplin.
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Luebbering said most of the additional money is needed because of the May 22 tornado that killed 156 people and destroyed about 8,000 homes and businesses in Joplin.
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Despite lower than projected income and sales tax revenues, Missouri ended its 2011 fiscal year Thursday with 5.9 percent growth over the previous year and a cash balance of about $300 million, Luebbering said.
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Missouri's budget director, Linda Luebbering, said the state regularly uses the reserves to help with cash-flow issues and then repays it with interest in the same fiscal year, as required.
The Seattle Times 2011
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"The only time we have used it is during national disasters, floods in particular," Luebbering said.
The Seattle Times 2011
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