Gov. Parson Releases Remaining FY21 Restrictions – Mar1
Gov. Parson Releases Remaining FY21 Restrictions
Over $280 Million in General Revenue
Today, Governor Mike Parson announced the release of the remaining $280,783,940 in FY21 general revenue restrictions.
“Thanks to our balanced approach to COVID-19, Missouri is in a much better position than what was originally projected,” Governor Parson said. “Our economy continues to come back strong, and we’re pleased to be able to release the remainder of these funds today.”
Due to the financial impact of COVID-19, the state previously restricted approximately $438 million in FY21 spending to ensure a balanced budget and the necessary funds to combat the virus moving forward. At the time these budget decisions were made, Missouri’s unemployment rate was projected to be at roughly 16.3 percent.
However, with a current unemployment rate of 5.8 percent, Missouri is outpacing its economic forecast and continues to see strong signs of recovery.
The state’s monthly general revenue report released earlier this month showed that net general revenue collections for January 2021 increased 18.3 percent compared to January 2020, increasing from $860.7 million last year to $1.02 billion this year.
Due to Missouri’s stronger than projected financial position, Governor Parson announced the release of over $38 million in general revenue in October 2020 and $119 million in January 2021. Today’s announcement represents the remainder of the FY21 restrictions and includes funding for the following agencies:
• Department of Elementary and Secondary Education
• Department of Higher Education and Workforce Development
• Department of Revenue
• Office of Administration
• Department of Agriculture
• Department of Natural Resources
• Department of Economic Development
• Department of Commerce and Insurance
• Department of Labor and Industrial Relations
• Department of Public Safety
• Department of Corrections
• Department of Mental Health
• Department of Health and Senior Services
• Department of Social Services
• Office of the Attorney General