Continued Growth Forecast for Missouri Revenues
JEFFERSON CITY, Mo. (AP) - Missouri budget officials are forecasting continued growth in state revenues for the next fiscal year.
Gov. Jay Nixon and legislative budget leaders said Tuesday they are projecting a 3.1 percent increase in state revenues for the annual budget that starts July 1. They said the expected net general revenues of $7.9 billion will mean another year of "fiscal discipline."
State officials expect an economic growth rate of 4.8 percent. But state revenues are expected to rise by just 3.1 percent because of the continued phase-out of Missouri's corporate income tax, the loss of one-time funding sources and changes to federal payroll taxes.
The consensus revenue estimate will be used as the basis for a budget presented in January by Nixon and considered by lawmakers.