State officials set fiscal 2014 revenue estimate

Gov. Jay Nixon, Senate Appropriations Committee Chairman Kurt Schaefer and House Budget Committee Chairman Rick Stream met yesterday to set a revenue estimate for fiscal year 2014, which begins July 1.

The annual bipartisan Consensus Revenue Estimate is used as a guideline by the governor and legislative leaders to build the upcoming fiscal year's budget, according to a news release.

The report predicts net general revenue collections of $7.9 billion in fiscal 2014, representing growth of $237 million compared to estimated revenue for the current fiscal year.

Officials predict an estimated growth rate of 3.1 percent due to factors including the loss of one-time revenue sources, the phasing out of the corporate franchise tax and the impact on state revenues caused by federal payroll tax changes.

"Through this bipartisan process, we have once again developed a solid foundation upon which to build our budget for the coming year," Nixon said in the release. "I appreciate the hard work of both Sen. Schaefer and Rep. Stream in developing this revenue estimate, and I look forward to working with legislators from both parties in the coming session."

Both Schaefer and Stream said the estimate calls for a disciplined state budget in fiscal 2014.

"Gov. Nixon, the House and the Senate will continue to work diligently toward a responsible Missouri budget," Schaefer said in the release.

Nixon is set to detail his proposed fiscal 2014 budget during the State of the State address in January.