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3.9% state revenue growth predicted

3.9% state revenue growth predicted

December 22nd, 2011 in News

JEFFERSON CITY, Mo. (AP) - Missouri officials are predicting a 3.9 increase in state revenue in the next fiscal year.

The so-called consensus estimate of general state revenue for the budget year that begins in July was released Wednesday. The estimate predicts total revenue of roughly $7.6 billion in the 2013 fiscal year.

The estimate is calculated by state and outside experts and agreed to by the governor and key legislators. It's one factor in developing Missouri's next state budget.

Gov. Jay Nixon is scheduled to release his budget proposal in January.

Nixon's budget director, Linda Luebbering, said Wednesday the state borrowed $75 million from its budget reserve fund this week for cash flow. That is not uncommon and the funds must be repaid with interest by May 16.