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Due to a substantial decline in corporate income tax revenue, Missouri will likely need to cut public services by an additional $200 to $250 million before the end of the fiscal year in June. These cuts are on top of the almost $200 million already restricted for early education (Parents as Teachers and Missouri Preschool Program), school transportation, health and mental health services so far this year.
Unfortunately, the impact of budget shortfalls in fiscal year 2016, coupled with additional tax reductions, will have a ripple effect on next year’s funding for schools, health care and social services, and infrastructure.
As lawmakers begin planning for the FY 2018 budget, unless revenue growth improves substantially, Missouri will be unable to fully fund its schools next year or make other needed investments that would build our state’s economy.
