State leaders today released the state's consensus revenue estimate for fiscal year 2011 and modified the 2010 estimate. The 2011 estimate projects a 6 percent decline in state net general revenues.
Gov. Jay Nixon, Senate Appropriations Chairman Rob Mayer and House Budget Chairman Allen Icet released the figures, which serve as the basic assumptions for the state budget. The estimates are established by state budget experts and economic consultants.
"Revenue forecasts call for a leaner State budget, and difficult decisions will need to be made this session," Sen. Mayer said. "However, Governor Nixon, House Budget Chairman Allen Icet and I will continue to work diligently toward a fiscally responsible Missouri budget."
Revenues are expected to be $7.223 billion, about $800 million below collections from the 2008 fiscal year.
"By continuing to work in a bipartisan fashion, we will ensure Missouri's budget makes the right investment to preserve vital services and move our economy forward," Gov. Nixon said in a press release. "I appreciate the hard work of Senator Mayer and Representative Icet that has made this agreement possible."
The Governor's budget will be released in late Jan. when Nixon presents the State of the State.
* General Revenue collections in FY 2011, net of any refunds to taxpayers, are estimated to be $7.223 billion.
* The adjusted CRE for FY 2010 is $6.971 billion, $480 million less than actual collections for FY 2009. FY 2009 is the only year in modern history where revenues have fallen at a faster pace.
Tuesday, January 5, 2010
State leaders release consensus revenue estimate
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