Jefferson City Gov. Parson with House Budget Committee Chairman Scott Fitzpatrick and Senate Appropriations Chairman Dan Brown announced the Fiscal Year 2020 (FY2020) Consensus Revenue Estimate (CRE).
The annual CRE, which is developed by state budget experts and outside consultants, is one of the basic assumptions the Governor and General Assembly use to build a balanced budget.
The key figure in the CRE is the projected general revenue collections for FY2020. Net general revenue collections in FY2020 are estimated to be $9.822 billion. This represents growth of $193 million over the estimated revenue for FY2019. The estimate for FY2020 assumes growth of 2.0%. The revised estimate for the current Fiscal Year is $9.629 billion.
“Maintaining a fiscally responsible budget for our state government is one of the most important and challenging responsibilities for lawmakers, and I want to thank Sen. Brown and Rep. Fitzpatrick for their work on finalizing the revenue estimate,” said Gov. Parson. “Missouri is at its best when we work together, and we look forward to creating a budget that will serve all Missourians and continue to move Missouri forward.”
Rep. Fitzpatrick said, “Budgets are based on projections. The best way to ensure a balanced budget is to use a conservative but realistic revenue estimate, which I feel is represented in this agreement. I appreciate Governor Parson and Senator Brown’s commitment to fiscal discipline as we enter a new budget cycle. As I exit the General Assembly and pass the torch to Rep. Smith, I am proud to say the state’s finances are on solid ground. I wish the new Chairmen in the House and Senate well as they work to craft a balanced budget.”
“With a low 3% unemployment rate in Missouri and jobs available, I think 2% growth is realistic and can be attained in Fiscal Year 2020. I am excited about Missouri’s outlook and future. A lot of thought went into this process, and I thank Rep. Fitzpatrick, Gov. Parson, and his staff,” said Sen. Brown.