Missouri expects to collect an additional 4% in revenues during fiscal 2012, according to the latest revenue forecast that Gov. Jay Nixon will use to craft the next budget.

Total collections are expected to reach $7.3 billion, up from fiscal 2011, which ends June 30, but still about $700 million below fiscal 2008 levels, according to the Consensus Revenue Estimate.

Nixon warned that spending must be cut by about $500 million in the fiscal 2012 budget he will unveil late in January.

"By continuing to work together in a bipartisan fashion, we will ensure Missouri's budget remains balanced and makes the right investments to preserve vital services for our citizens and move our economy forward," Nixon said in a statement.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.