Enacted Budget – Fiscal Year 2024
On June 30, Missouri Governor Michael Parson completed signing the 20 bills that comprise the state’s fiscal 2024 budget. The budget calls for $52.9 billion in total spending after recommended vetoes, a 32.5 percent increase. The increase in total spending is largely due to higher spending from federal funds; federal funds are estimated to grow $9.8 billion in fiscal 2024, or 63.9 percent. General revenue spending is projected to be $15.7 billion after vetoes, $3.4 billion, or 24.4 percent, more than fiscal 2023. Other funds are estimated at $12.7 billion in fiscal 2024, a $335 million, or 2.6 percent, increase from fiscal 2023. When signing the budget, the governor issued 201 line-item vetoes, totaling $555.3 million. Net general fund revenue collections are projected at $13.2 billion in fiscal 2024, a 0.7 percent increase from estimated fiscal 2023. The enacted budget is focused on historic investments in the future of Missouri, including infrastructure, workforce, education systems, early childhood programs, and public safety resources. Highlights of the budget include: $2.8 billion to expand and rebuild I-70 across the state; $3.6 billion to fully fund the K-12 Foundation Formula; $248 million for broadband deployment; $288.7 million for capital improvements at higher education institutions; increased funding for a series of workforce development initiatives; $78 million to increase rates for child care providers; $50 million for a second round of school safety grants; $20 million for grant funding for first responders; and $300 million for a new mental health hospital in Kansas City.