Missouri will chip in nearly $330 million next year to pay for state worker pensions.
The St. Louis Post-Dispatch reports state government will pay about 20 percent more than in the current year largely because of lower investment returns and longer life expectancies. The board for the Missouri State Employees Retirement System approved the increase by a 10-1 vote.
State Budget Director Linda Luebbering says the increased payment is not a surprise.
Missouri’s revenues rose more than expected during the month of May.
The state collected about $6.6 billion in revenue last month, compared to just under $6.4 billion in May of 2011. Governor Jay Nixon’s Budget Director, Linda Luebbering, credits most of the improvement to higher collections of state income and sales taxes.
“That's the good news, things are picking up," Luebbering said. "I think we do have to be cautious, still, because of what’s going on at the national and particularly the international picture, with European Union issues and everything that's going on globally that could have some bearing on the overall economy.”
The Missouri Office of Administration released today the General Revenue report for February.
According to the report, general revenue collections have increased 2.4 percent in the 2012 fiscal year. But so far, that’s below the projected 2.7 percent increase. State Budget Director Linda Luebbering says the state is confident it will meet projections, due to pay raises and an increase in jobs.