Governor Parson Announces Release Of Remaining Fy21 Restrictions, Over $280 Million In General Revenue
JEFFERSON CITY, MO (STL.News) 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.