Missouri Governor ? Michael L. Parson

Office of Communications

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FOR IMMEDIATE RELEASE?

December 1, 2023

Governor Parson, Budget Leadership Announce FY 2025 Consensus Revenue Estimate

(JEFFERSON CITY, MO) ??Today, Governor Mike Parson announced the state?s Consensus Revenue Estimate (CRE) for Fiscal Year (FY) 2025.?

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.

"As always, we greatly appreciate House and Senate leadership, our state budget team, and other state partners for helping develop this year's revenue estimate to inform our budget for next year," Governor Parson said. "Our administration has passed three tax cuts, one being the largest in state history, and made historic, once-in-a-generation investments all while approving conservative, balanced budgets every year. As a result, our revenues remain strong and stable and Missouri's financial?position is secure."

The key figure in the CRE is the projected general revenue collections. Net general revenue collections in FY25 are expected to be $13.16 billion. This represents a 0.2 percent net general revenue growth over the revised CRE for FY24.

The revised estimate for the current fiscal year (FY24) assumes $13.14 billion in net general revenue collections, which represents a 0.7 percent decline compared to FY23.

"The Missouri economy remains strong due to the conservative policies that we've put in place," Senate?Appropriations Chairman Lincoln Hough said. "Our projected growth in revenue is lower due to Missourians keeping more of their hard-earned money in their pocket, which increases individual household income."

?I am proud to reach an agreement on a conservative revenue estimate, and I look forward to working with both Senator Hough and Governor Parson to create a suitable and sustainable budget next fiscal year,"?House Budget Chairman Cody Smith said.

Governor Parson will outline his proposed FY25 budget during his annual State of the State address in January.

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