Continued Growth Forecast for Missouri Revenues

5 years 11 months 3 weeks ago Tuesday, December 18 2012 Dec 18, 2012 Tuesday, December 18, 2012 3:50:00 PM CST December 18, 2012 in News
By: Associated Press

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.

 

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