Health & Fitness
Missouri Budget Overview
A brief synopsis of the 2013 fiscal year budget situation after Governor Jay Nixon's recent State of the State Address.
While the new session brings with it the hope for accomplishing many of the policy objectives we believe will benefit the people of Missouri, it also brings with it the reality of yet another tough budget year.
As we look for ways to fund critical programs and to keep our schools funded at a level that allows our young people to excel, we realize it will be a real challenge as budget forecasts call for a budget deficit of anywhere from $425 million to more than $500 million.
The deficit is largely a product of federal stimulus dollars no longer being available to help balance the budget. For the current fiscal year, our budget includes approximately $650 million in one-time funds with most of that coming from the federal stimulus program. These are dollars we will not see again.
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We also face the reality of losing another $90 million in funding as the amount of money we receive for Medicaid reimbursement is decreased. This loss in funding plus the increasing spending needs of many of our state agencies more than offset what has been modest growth in the revenues our state collects each year.
The result is a significant funding gap that we must address.
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As the governor gave his State of the State address last week, he laid out his proposed 2013 budget that included several necessary cuts in order to keep a balanced budget. With a 2013 consensus revenue estimate of 7.585 billion dollars, a 3.9% growth rate, we are 285 million above the revised 2012 collections estimate.
While this shows promise for Missouri’s economy, we still have a 425 to 500 million dollar deficit, so necessary cuts must be made. We have been firmly against increasing the tax burden on Missouri families and that no-tax-hike approach will continue this year.
Instead, we will tighten our belts and live within our means just as Missourians do when times are tough. Yes, it will be difficult, but we will work together to fund our priorities and eliminate any spending that is not absolutely necessary.
The legislature is dedicated to continuing the fiscal prudence that has preserved Missouri’s AAA bond rating and to ensuring that Missourians have the opportunity to work and provide for their families.