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Governor Nixon expects revenues to grow by 3-percent next year

Dec 19, 2012 -- 11:41am

 

Missouri budget officials are forecasting continued growth in state revenues for the next fiscal year.  Governor Jay Nixon and legislative budget leaders said Tuesday they are projecting a 3-point-1-percent increase in state revenues for the annual budget that starts July 1st.  Budget Director Linda Luebbering tells KZIM KSIM the expected net general revenues of 7-point-9-billion-dollars will mean another year of "fiscal discipline."  Luebbering says they expect an economic growth rate of 4-point-8-percent.  But state revenues are expected to rise by just 3-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.  The Governor will lay out his plan at the state of the state address.

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