Latest local news, weather and high school sports for Tri-State area

JEFFERSON CITY, MO. (AP) -- State budget officials have lowered the projected growth rate for Missouri tax revenues this year.

When lawmakers passed a budget last year, they projected that revenues for the 2008 fiscal year would grow by 3.8 percent over the assumed finish for 2007.

The state actually finished the 2007 fiscal year with more money than expected. But the revised revenue forecast now calls for 3.1 percent growth this year.

A legislative budget official cites two reasons for the slowed growth. Tax cuts passed last year are expected to take a bite out of state revenues in coming months. Also, the national economy has been slowing because of the mortgage crisis and high oil prices.

(Copyright ©2008 by The Associated Press. All Rights Reserved.)