Missouri state budget (2010-2011)
| Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances. |
Going into the fiscal year Missouri had a total state debt of $18,249,257,963 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[1]
| Total spending | Human services | Education | Protection | Transport | Other |
|---|---|---|---|---|---|
| $23.8 | $10 | $6.6 | $1.57 | $2.6 | $2.9 |
| Total spending | Pension | Healthcare | Education | Welfare | Protection | Transport | Deficit |
|---|---|---|---|---|---|---|---|
| $29.9 | $0.6 | $1.9 | $11 | $0.7 | $2.7 | $2.2 | $21.2 |
Fiscal Year 2011 State Budget
- See also: Archived Missouri state budgets
Find the state’s FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government here.
Net general revenue collections increased 4.6 percent in the first half of FY2011.[4]
In Dec. 2010, the National Conference of State Legislatures said that the state faced a midyear shortfall of $300 million, which represented 3.8% of the FY2011 state budget.[5]
A special House budget committee reviewed state budgets looking for ways to cut costs before lawmakers returned for their annual session which started in January 2011.[6]
Gov. Jay Nixon proposed a nearly $23.9 billion operating budget in January, 2010. The House of Representatives and Senate negotiated a $23 billion state budget for Fiscal Year 2011.[7] In the budget approved by the legislature on April 29, 201, state funds constituted about $7.8 billion.[8]
Net general revenue collections declined in Missouri to 9.1 percent to $6.77 billion for fiscal year 2010.[9]
Budget background
- See also: Missouri state budget and finances
Missouri's fiscal year begins July 1 and ends June 30th of the following year. In October state department agencies prepare budget requests and revenue estimates for the upcoming budget year. By the end of December the Governor reviews both the requests and the revenue estimates prior to presenting a budget recommendation to the Legislature. Both the House and the Senate review the bill, hold a series of hearings and make any necessary amendments prior to approving the budget. The Senate usually finishes their work on budget about three weeks before the Legislature adjourns at the end of April. But, all appropriations bills must be passed by the General Assembly one week before the session ends, May 8, 2009. The appropriations were then forwarded to the Governor who had line-item veto power and can reduce or eliminate any amount of funding for any item in a bill before signing it into law.[10]
Budget figures
State spending from the general fund for fiscal 2010, ending June 30, totaled $23.6 billion, according to the audited Comprehensive Annual Financial Report released in late January, and had steadily increased over the past five years.[11]
| Fiscal Year | State Spending |
|---|---|
| FY 2006 | $19.6 billion |
| FY 2007 | $19.7 billion |
| FY 2008 | $20.9 billion |
| FY 2009 | $22.3 billion |
| FY 2010 | $23.6 billion |
The following table provides a history of Missouri's expenditures and gross domestic product (GDP).
| Fiscal Year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $28.0[12] | $176.7[12] |
| 2001 | $30.5[12] | $182.4[12] |
| 2002 | $33.0[12] | $188.4[12] |
| 2003 | $34.3[12] | $195.5[12] |
| 2004 | $35.6[12] | $204.9[12] |
| 2005 | $37.2[12] | $213.0[12] |
| 2006 | $39.5[12] | $220.1[12] |
| 2007 | $41.9[12] | $229.5[12] |
| 2008 | $44.5[12] | $239.2[12] |
| 2009 | $47.3*[12] | $249.4*[12] |
- NOTE: The figures for FY 2009 were not yet finalized.
Accounting principles
Susan Montee was elected Missouri State Auditor in November of 2006. The State Auditor's Office was Missouri's independent watchdog agency, charged with auditing approximately 200 state agencies and boards and commissions; the state court system, including 45 judicial circuits and nearly 400 municipal courts; and the 89 counties in Missouri that did not have a county auditor. The State Auditor may also be called on to audit local units of government by citizen petition. On average, 20 audits of local government entities were performed each year. Missouri's audit reports were published online.[13][14]
Missouri Treasurer Clint Zweifel was the State of Missouri's Chief Financial Officer, elected in November of 2008. The State Treasurer's Office manages Missouri's annual state revenues, directs the State's banking services and manages Missouri's $3.1 billion investment portfolio.[15]
The Missouri Division of Accounting was responsible for operation of the statewide accounting and payroll systems and was the custodian of the official accounting records of the state. The division prepares payments, publishes annual financial reports, administers bond sales for the Board of Fund Commissioners and Board of Public Buildings, and administers the social security coverage for state political subdivisions. Mark A. Kaiser was Director of the Division of Accounting.[16]
| Credit Rating | Fitch | Moody's | S&P |
| Missouri[17] | AAA | Aaa | AAA |
See also
Footnotes
- ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
- ↑ Office of Administration, Budget Summary
- ↑ USA Spending, State Guesstimated* Government Spending
- ↑ Watchdog.org "Missouri was ‘slowly recovering,’ says budget director " Jan. 5, 2011
- ↑ The Wall Street Journal “States Face Budget Shortfalls of $26.7 Billion“ Dec. 8, 2010
- ↑ Businessweek "Mo. lawmakers review budgets for elected officials" Dec. 8, 2010
- ↑ News-leader.com "More cuts may be needed to $23B Missouri budget" April 27, 2010
- ↑ Kansas City Star "Missouri finishes budget a week early" April 29, 2010
- ↑ Missouri Watchdog, Revenue in Missouri continues to decline; Glimmer of hope, July 2, 2010
- ↑ St. Louis Childrens, "Missouri Budget Process," accessed March 17,2009
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedwatchdog - ↑ 12.00 12.01 12.02 12.03 12.04 12.05 12.06 12.07 12.08 12.09 12.10 12.11 12.12 12.13 12.14 12.15 12.16 12.17 12.18 12.19 US Government Spending, "Missouri State and Local spending," accessed March 16,2009
- ↑ Missouri State Auditor Web site, accessed October 29, 2009
- ↑ audit reports (dead link)
- ↑ Missouri State Treasurer's Office Web site, accessed October 29, 2009
- ↑ Missour Division of Accounting Web site, accessed October 29, 2009
- ↑ State of Indiana, “State Credit Ratings-as of June 24, 2009"
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