Gov. Jay Nixon just announced that he and GOP leaders have reached agreement on a key facet of next year’s budget: how much revenue the state is likely to collect.

General revenue is expected to grow 1 percent in the fiscal year that begins July 1, according to the estimate pounded out by Nixon, Senate Appropriations Chairman Gary Nodler, R-Joplin, and House Budget Chairman Allen Icet, R-Wildwood.

Nixon’s release says that while the figure represents only modest growth, “it is a significant improvement from the unprecedented shortfall of state revenue taking place in the current fiscal year.”

In the current year, Nixon and the budget chairmen agreed to adjust the revenue estimate downward by $542 million from its original level. Put another way, instead of growing by 3.4 percent, this year’s revenue is expected to fall by 4 percent compared to fiscal 2008, Nixon said.

The new numbers do hold some good news: Instead of the previously projected $342 million shortfall this year, the state expects to have a gap of only $261 million.

Nixon didn’t say how he would come up with the money to fill that hole. But he said “it is possible” if bipartisan cooperation continues.

Stay tuned for Nixon’s “State of the State” address and budget unveiling on Tuesday night.