Estimate for Fiscal Year 2024 Sees Increase in MO Revenue

On December 6, Governor Mike Parson announced Missouri’s Consensus Revenue Estimate (CRE) for the 2024 fiscal year. Despite significant tax cuts recently implemented in the state, the estimate projected a revenue next year of over $13.2 billion – an increase of approximately .7% from the projection of the already record-breaking fiscal year 2023. The projected increase in revenue coincides with the current state budget’s surplus of over $6 billion, resulting from federal covid relief payments and the past 28 months of double-digit revenue growth. 

Governor Parson was appreciative of his legislators and budget team’s dedication and hard work, and showed enthusiasm for what the State’s recent economic gains will bring to Missourians. “This shows that we can continue historic investments in education, infrastructure, mental health services, and public safety just as we have done,” the Governor said. “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." 

Though the exact details of the budget have not yet been announced, the budget surplus should allow for new spending initiatives while curbing any potential downturn the state might face. The governor intends to announce further details of the fiscal year 2024 budget during his upcoming State of the State address in January.