Representative Jim Neely's Capitol Report
It’s that time of year again when we gather with family and friends; exchange presents and hopefully reflect on the true meaning of Christmas. As we celebrate what many consider the most wonderful time of the year, let me simply say from my family to yours, Merry Christmas! I hope your days are peaceful and relaxed as you take some time away from work to spend with your loved ones, and as you come together with those who mean the most to you to celebrate the birth of Christ.
State Budget Leaders Announce Fiscal Year 2022 Consensus Revenue Estimate
Budget leaders from the legislature and the governor’s office have come to an agreement on the state’s Consensus Revenue Estimate (CRE) for the next fiscal years. The CRE is calculated each year to give budget makers an estimate they can use to balance Missouri’s state spending plan.
Budget leaders project general revenue collections for Fiscal Year 2022 will be $9.78 billion. This represents a net decrease of $418.8 million from the estimated revenue for Fiscal Year 2021. The revised estimate for the current fiscal year (FY21) is $10.2 billion. This estimate is artificially high due to the income tax filing date being moved from April 15 in FY20 to July 15 in FY21, resulting in two income tax filing dates in FY21. The FY22 estimate reflects a return to a single filing date in the fiscal year.
House Budget Chairman Cody Smith said, “We are in the midst of the most trying economic times in a generation. Forecasting revenue growth is particularly challenging this year. Therefore, I'm pleased to put forward a conservative revenue estimate to which the House, Senate, and Governor have agreed.”
Governor Parson said, “COVID-19 has had an overwhelming impact on our economy, but we are already making a strong recovery and remain optimistic for the coming year. We look forward to working with the General Assembly this session to create a balanced and responsible budget for the people of Missouri.”
Governor Parson will detail his proposed budget for FY22 during the State of the State address in January. The Missouri House will then begin the process of preparing the budget based on the governor’s recommendations.
I hope you have a wonderful week! As always, please do not hesitate to reach out with any questions, concerns, or suggestions you might have. If you have an event you would like me to attend please let me know. As your Representative I am here to assist you however I can. I can be reached by email at Jim.Neely@house.mo.gov or by phone at 573-751-0246.