Missouri Recommended Spending Percentages
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FAQ
The major source of revenue for the state of Missouri is the individual income tax. For local government the major source of revenue is the property tax, but this varies by type of local government. The state and local tax system of Missouri is regressive.
The majority of Missouri General Revenue comes from the personal income tax. Another 23% comes from the state sales tax, and smaller contributions come from other sources including corporate income tax.
Parson is proposing a $47.3 billion budget, an increase of more than one-third over current spending. Of that amount, there is a 16.7% increase in general revenue appropriations and a 63% increase in the use of federal funds, mainly from coronavirus relief money and match funding for expanded Medicaid eligibility.
DOES MISSOURI HAVE A BALANCED BUDGET? The Missouri Constitution requires that the state pass a balanced budget, where estimated revenues are equal to or greater than estimated spending. By this definition, the state budget is in balance.
The governor submits his or her proposed budget to the state legislature no later than 30 days after the legislature convenes. The legislature is required to adopt a budget by the first Friday after the first Monday in May. A simple majority is required to pass a budget.
DOES MISSOURI HAVE A BALANCED BUDGET? The Missouri Constitution requires that the state pass a balanced budget, where estimated revenues are equal to or greater than estimated spending. By this definition, the state budget is in balance.
The primary sources of state general revenue funding are individual income tax and sales and use tax. Nearly three-fourths of general revenue comes from individual income taxes, while one- quarter of state general revenue comes from sales and use taxes.
Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation. State debt refers to the money borrowed to make up for a deficit when revenues do not cover spending.
Among the states, Alaska had the highest per capita state and local spending in 2019 at $17,596, followed by New York ($15,667) and Wyoming ($15,107).
Article IV, Section 13 of the Missouri Constitution outlines the following duties of the auditor: "Establish appropriate systems of accounting for all public officials of the state, post-audit the accounts of all state agencies and audit the treasury at least once annually."
