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News Brief

Dec. 19, 2012JEFFERSON CITY, MO |  By: AP

Mo Budget

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 % 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.