The University of Missouri System Board of Curators approved its 2014 budget Friday. UM System President Tim Wolfe says the budget identifies strategic areas for funding to help strengthen the university brand.
Democratic Governor Jay Nixon on Wednesday warned Republican lawmakers that he’ll lay off state workers if full funding isn’t restored to the budget for the Missouri Department of Revenue’s Motor Vehicles division.
Missouri's finances could take a $60 million annual hit because of a recent 2 percentage point increase in federal Social Security payroll taxes.
State budget director Linda Luebbering says the lost revenues resulting from the federal Social Security tax already had been taken into consideration for budget projections. She says the reduced revenue should not come as a surprise to state officials.
The Social Security tax reverted to 6.2 percent this month after the expiration of a 2 percentage point cut that had been in place for a couple of years.
Missouri expects to save about $44 million this year by refinancing some of its debt at lower interest rates.
Two separate boards of state officials gave preliminary authorization this week to the bond refinancing.
That action had been anticipated for some time. Gov. Jay Nixon had proposed to refinance more than $500 million of bonds as part of the budget plan he outlined in January. Lawmakers also had calculated the savings into the budget for the 2013 fiscal year that began this past Sunday.
The Kirksville R-3 School board has approved its budget for the next school year. The district expects to see a reduction in state and federal funding by almost $800,000.
Despite the cut in federal funding, the district doesn’t expected to make any drastic cuts. Superintendent Pat Williams says the district had actually expected the subsidy reduction and had already started taking steps to provide cushion for the next school year.