Gov. Jay Nixon and Missouri’s Republican legislative budget leaders have agreed on a starting point for the state budget that will take effect July 1, 2013.
Nixon, Senate Appropriations Chair Kurt Schaefer, R-Columbia, and House Budget Committee Chair Rick Stream, R-Kirkwood, announced today that they adopted a consensus revenue estimate that assumes the state will have about $7.929 billion in general revenue for fiscal 2014 – up $237 million from the current year.
“Through this bipartisan process, we have once again developed a solid foundation upon which to build our budget for the coming year,” Nixon said in a statement.
In Nixon's release, both Stream and Schaefer stressed the need for a "disciplined" budget in the coming year.
The estimate predicts economic growth of 4.8 percent, but, according to Nixon’s office, the loss of one-time funding sources, continued phase-out of the corporate franchise tax and impact of federal payroll tax changes have lead to an actual estimated growth rate of 3.1 percent.
Nixon, a Democrat, will detail his fiscal 2014 budget proposal during his State of the State address next month.
“As governor, my top priorities include balancing our budget, holding the line on taxes and keeping our fiscal house in order,” Nixon said.
The 2013 legislative session begins Jan. 9.