Gov. Jay Nixon was joined today by Senate Appropriations Committee Chairman Kurt Schaefer and House Budget Committee Chairman Rick Stream in announcing the state's bipartisan Consensus Revenue Estimate (CRE) for Fiscal Year 2014.
The annual CRE, which is developed through a bipartisan process, is one of the basic assumptions the Governor and legislative leaders use to build and balance Missouri's budget.
The key figure in the CRE is the projected general revenue collection for FY 2014, which begins July 1, 2013. Net general revenue collections in FY 2014 are expected to be $7.929 billion. This figure represents growth of $237 million from the estimated revenue for FY 2013.
The estimate for FY 2014 assumes economic growth of 4.8 percent. However, the loss of one-time revenue sources, continued phase-out of the corporate franchise tax, and impact on state revenue of federal payroll tax changes lead to an actual estimated growth rate of 3.1 percent.
"As Governor, my top priorities include balancing our budget, holding the line on taxes and keeping our fiscal house in order," Gov. Nixon said. "Because of our bipartisan fiscal discipline these past few years, Missouri is one of only a handful of states with a spotless Triple-A credit rating, and our economy continues to move in the right direction. Through this bipartisan process, we have once again developed a solid foundation upon which to build our budget for the coming year. I appreciate the hard work of both Senator Schaefer and Representative Stream in developing this revenue estimate, and I look forward to working with legislators from both parties in the coming session."
"Revenue forecasts call once again for a fiscally disciplined State budget," Sen. Schaefer said. "Governor Nixon, the House and the Senate will continue to work diligently toward a responsible Missouri budget."
"The revenue estimate indicates we will need to continue the state's disciplined approach to the budget." Rep Stream said. "The House will continue to work with the Governor and the Senate to craft the best budget for the people of Missouri."
Gov. Nixon will detail his proposed budget for FY 2014 during his State of the State address in January.