Tagged: Linda Luebbering

Missouri is planning to refinance more than $500 million of debt as part of Gov. Jay Nixon's plan to balance the state budget.

Nixon's budget proposal for the next fiscal year assumes the state will save $41 million from the debt restructuring.

The governor's budget office says the state already has refinanced $20 million of principal from the debt used to build Mizzou Arena at the University of Missouri-Columbia.

Halfway through Missouri's budget year, state revenues are sluggish.

The state budget office reported Thursday that Missouri's revenue increased 1.2 percent through the first six months of the 2012 fiscal year. Revenues need to grow at about 2.7 percent to meet the mark set by the budget.

Budget Director Linda Luebbering says the revenue report was "concerning." But she noted that the revenue could improve in the second half of the budget year. Missouri budgets take effect July 1.

Missouri lawmakers will be trying to plug a half-billion-dollar gap in next year's budget when they convene their 2012 session on Wednesday.

State budget director Linda Luebbering says much of the hole is due to a reduction in federal money, such as stimulus funds and Medicaid payments.  However, State Senator David Pearce (R, Warrensburg) suggests that that number is not set in stone.

“There are predictions anywhere from $400 to $900 million, (that could) be our shortfall for this upcoming year," Pearce said.  "How do you fill that?  It’s gonna be tough.”