Missouri budget

(Marshall Griffin/St. Louis Public Radio)

Governor Jay Nixon (D) has released an additional $5 million withheld from this year’s K-12 and Higher Education budgets.

The Nixon Administration says $3 million of the withheld funding will help keep school buses on the road, while just over $2 million will go toward universities and community colleges.  Budget Director Linda Luebbering says the move was made because state lottery sales have been better than expected.

(UPI/Bill Greenblatt)

In the wake of a possible approximately 12.5 percent cut in higher education funding for fiscal year 2013, and ongoing discussion of tuition hikes and job cuts across the University of Missouri system in response, Missouri Governor Jay Nixon has announced an a

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Mo. revenues behind amount needed for budget

Missouri's revenues continue to be behind what is needed to balance the budget. January's figures show that net state revenues grew two percent over the same month last year.

The fiscal year began in July. For the first seven months of the 2012 fiscal year, Missouri's general revenues were up 1.3 percent. That is almost half the 2.7 percent growth rate that the governor's budget office says is needed to meet the budget.

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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.

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Governor Jay Nixon (D) is warning Missouri’s college administrators not to raise tuition to make up the difference in budget cuts he announced this week during his annual State of the State Address.

The governor wants to cut the state’s Higher Education budget by nearly $106 million, or 12.5 percent.  During his address Tuesday he indicated that he wants universities to leave tuition levels where they are.

Adam Procter | flickr

Missouri's legislative budget leaders may not go along with Gov. Jay Nixon's proposed cuts to public colleges and universities.

Nixon has proposed a 12.5 percent reduction to higher education institutions for the next academic year.

Senate Appropriations Committee Chairman Kurt Schaefer said Wednesday he does not intend to follow Nixon's recommendation. The Columbia Republican says the cut would be a huge blow to higher education.

(UPI/Bill Greenblatt)

Updated 3:24 p.m.

A proposal has been scrapped by Governor Jay Nixon (D) to borrow money from Missouri’s state universities to help balance the state’s budget.

The idea was floated last month, in which $106 million in reserve funds from five of Missouri’s largest universities would be used to shore up the Department of Higher Education’s budget for the next fiscal year, which begins in July.  That sparked an outcry from both university officials and lawmakers.

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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.

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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.” 

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Missouri tax revenues have increased this year but are falling short of what was expected in the state's budget.

The state Office of Administration reported Friday that state revenues through November increased 2 percent, to $2.84 billion from $2.78 billion last year. So far, sales tax collections are up 3.4 percent but corporate income taxes are down 10.7 percent.

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Missouri Governor Jay Nixon says he's monitoring the situation in Washington, following the so-called congressional supercommittee's failure to reach an agreement on reducing the nation's debt.  He admits it's possible that the lack of action by Congress could impact Missouri's state budget next year:

"The uncertainties that you have in this job about the dollars coming in are very real…if they fail to reach the continuing resolution to move things forward by the end of the year is something we're looking at, to measure what that would do to the state," Nixon said.

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Missouri's revenues have fallen slightly short of what's needed to meet the budget through the first third of the state fiscal year.

Figures released Wednesday by the state Office of Administration show general revenues rose 1.2 percent through October compared with the same point in the previous fiscal year.

State budget director Linda Luebbering says revenues need to grow at around 2 percent to meet the mark set by the budget.

(UPI/Bill Greenblatt)

Gov. Jay Nixon is continuing to defend a decision to withhold more than $170 million from the fiscal year 2012 budget, despite a constitutional challenge from another statewide official.

(UPI/Tom Uhlenbrock)

Updated with comments from Schweich, statement from Nixon.

Missouri state auditor Tom Schweich has released a report that is sharply critical of Gov. Jay Nixon's decision to withhold $172  million from the current budget to help the state cope with a series of natural disasters.

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University of Missouri officials plan to make big cuts to an investment program in order to balance the books after a surprise cut in state funding.

The UM System says the Enterprise Investment Program’s budget will drop from $5 million to less than $3 million. UM System Vice President for Finance and Administration, Nikki Krawitz, said the year-old program helps bring University research and inventions to the marketplace.

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The two-person office that helped directors find locations, talent and equipment when they shot movies in Missouri is closing its doors Thursday, the victim of ongoing tight budgets.

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Governor Jay Nixon (D) has signed Missouri’s $23 billion budget for the next fiscal year into law – but he’s also slashed $172 million from the spending plan that takes effect July first.

Nixon says the cuts are needed not only to keep the state budget balanced, but to also help cover storm damage costs.

(UPI/Bill Greenblatt)

Nixon to sign budget, Missouri RX bills

Gov. Jay Nixon will sign the 2012 budget for the state of Missouri - and cuts to the $23 billion spending plan are already in the works.

The governor said two weeks ago he would have to cut at least $113 million. Much of that is due to unplanned expenses from the Joplin tornado and flooding in southeast Missouri. More cuts could be necessary as the state is now also responding to floods along the Missouri River in the northwest corner of the state.

Missouri Governor Jay Nixon will shift $25 million from next year’s state budget to help pay for damage in Joplin caused by last weekend’s deadly tornado.

Nixon says he doesn’t yet know which areas of the FY 2012 budget he’ll use to help offset tornado expenses.

“What decisions we have to make because of that to trim the budget and to balance, we’ll make over the coming weeks…if the demands for dollars continue to move up, we clearly have other sources, other ways to get resources,” Nixon said.

(UPI/Bill Greenblatt)

Mo. Gov. Jay Nixon says he's confident his office can reach agreement with state House and Senate members over a series of tax breaks - known as "Aerotropolis" - designed to boost St. Louis as a hub for Chinese cargo.

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