CHICAGO — Missouri Gov. Jay Nixon unveiled a $23.1 billion budget for fiscal 2012 that relies on spending and job cuts and modest debt-restructuring savings to compensate for the end of federal stimulus funds, as officials anticipate a return to revenue growth.
Nixon’s spending plan seeks no new borrowing authority but includes savings from two planned refundings. The state will refund about $75 million of outstanding certificates of participation in July and more than $100 million of Missouri Board of Public Buildings outstanding revenue bonds in September. Both transactions would be sold competitively.