Governor Parson, Budget Leadership Announce FY 2024 Consensus Revenue Estimate
December 6, 2022 - Today, Governor Mike Parson announced the state’s Consensus Revenue Estimate (CRE) for Fiscal Year (FY) 2024.
The annual CRE is a figure established by state budget experts and is one of the basic assumptions used by the Governor and legislative leaders to build and balance Missouri’s budget.
"We appreciate House and Senate leadership, our state budget team, and other state partners for helping develop this year's revenue estimate," Governor Parson said. "In the coming fiscal year, state revenues are expected to grow once again, even after passing the largest state income tax in history and returning some of Missourians' hard-earned dollars back to them. This shows that we can continue historic investments in education, infrastructure, mental health services, and public safety just as we have done. We've set a new standard in this state, and we aren't done. We will continue to do more and do better in this year's budget proposal."
The key figure in the CRE is the projected general revenue collections. Net general revenue collections in FY24 are expected to be $13.2 billion. This represents a 0.7 percent net general revenue growth over the estimated revenue for FY23.
The revised estimate for the current fiscal year (FY23) assumes a 1.4 percent increase to $13.1 billion in net general revenue collections. FY22 general revenue collections increased by 14.6 percent compared to FY21 collections.
"I am pleased we were able to agree on a consensus revenue estimate. The CRE will help the General Assembly budget to an appropriate number while anticipating the effects of the recently passed tax cut," said Senator Dan Hegeman, Senate Appropriations Chairman.
“I am pleased to once again put forward a conservative revenue estimate to which the House, Senate, and Governor have agreed," said Representative Cody Smith, House Budget Chairman.
Governor Parson will detail his proposed budget for FY24 during the State of the State address in January.