Lawmakers set to pass state budget
The Missouri General Assembly is working today to finalize the state budget for the upcoming fiscal year. The arrival of the coronavirus pandemic in Missouri led to significant changes in the budget as the session progressed and the economic crisis worsened.
Here is an overview from the budget that has been approved by a conference committee of House and Senate budget leaders. Both the House of Representatives and the Senate must give the budget final approval before the end of the day.
- The Fast Track program will receive $3 million to fund workforce incentive grants that help adults pursue certificate, degree, or industry-recognized credential in an area designated as high need.
- The Missouri Technology Corporation will receive $1 million. This public-private partnership helps promote entrepreneurship and growth of high-tech companies in the state.
- If the state finds it still has federal money remaining after funding vital COVID-19 recovery efforts, then up to $30 million would be set aside to create a small business grant program. These grants would help businesses with 50 or fewer employees cover costs related to coronavirus business closures.
- The One Start Job Development Fund will receive $6 million. This funding is an important economic development tool in Missouri.
- The state will spend $18.5 million on efforts to promote and enhance tourism in Missouri.
- Efforts to expand broadband in Missouri will receive $12 million in federal stimulus funds.