The Missouri General Assembly today approved the state budget for the upcoming fiscal year. The $48 billion budget includes funding for Greater St. Louis, Inc. priorities, including the Missouri Technology Corporation (MTC), broadband, community revitalization, public transit, and Medicaid expansion.
Missouri Technology Corporation
Greater St. Louis, Inc. worked with appropriators to secure $94.9 million in federal State Small Business Credit Initiative (SSBCI) funds to be spent in FY 2023 so that these resources can reach Missouri’s entrepreneurs faster. The SSBCI program was reauthorized by the American Rescue Plan Act (ARPA) in 2021 and provided $10 billion to states to expand access to capital for small businesses emerging from the pandemic, build ecosystems of opportunity and entrepreneurship, and create high-quality jobs. Missouri’s share of federal funds was $94.9 million.
Greater St. Louis, Inc. also worked with appropriators to significantly increase MTC’s budget to $30 million, $15 million of which will be reserved for MTC’s core functions; the other $15 million will be directed towards onshoring industries that are vital to national security, such as pharmaceutical and semiconductor manufacturing.
This is the largest increase in MTC’s core budget since 2017 when it was appropriated $24 million. Since then, MTC has suffered repeated budget cuts. Greater St. Louis, Inc. helped triple MTC’s appropriation to $3 million last session. This marks a tenfold increase in MTC’s budget for FY 2023.
Greater St. Louis, Inc. supported Governor Parson’s broadband recommendations proposed in his fiscal year 2023 Executive Budget. The General Assembly appropriated nearly $300 million for broadband investment that will greatly benefit the St. Louis metro, helping connect more people to jobs, education, and health care opportunities.
Greater St. Louis, Inc. also advocated for the Governor’s proposed Community Partnership Development Revitalization program, which will encourage communities throughout the state to make strategic investments to help spur economic development and growth. The budget included a $100 million investment in the program.
Greater St. Louis, Inc. worked with appropriators to significantly increase funding for public transit to $8.7 million ($7 million general revenue + $1.7 million state transportation fund). According to Citizens for Modern Transit, the St. Louis region’s transit advocacy organization, this is the largest state investment in public transit in two decades. Greater St. Louis, Inc.’s advocacy is very timely as these funds will help transit providers match funds flowing to the state because of the federal infrastructure bill that was passed last year.
Greater St. Louis, Inc. worked with our coalition partners and appropriators to ensure Medicaid expansion was fully funded in FY 2023. Greater St. Louis, Inc. led the statewide coalition of chambers of commerce and economic development groups last year that joined the legal effort to expand Medicaid.
Greater St. Louis, Inc. Chief Policy Officer and President of ChamberSTL Tracy Henke today issued the following statement on the General Assembly’s passage of the state budget.
“An historic, $125 million injection of funds into the state’s innovation sector will be a game changer for entrepreneurs and certainly shows the rest of the country that our startup ecosystem is alive and thriving. Greater St. Louis, Inc. applauds Senate Appropriations Chairman Dan Hegeman, House Budget Chairman Cody Smith, and the budget conferees’ decision to promote pro-growth policies that boost funding for innovation, public transit, and health care in the St. Louis metro and across the state.
“I specifically thank Senator Hegeman for his leadership on MTC and SSBCI and Senator Brian Williams for his work on public transit. The largest state investment in public transportation in 20 years demonstrates the state is serious about making opportunities more accessible for all.
“We encourage Governor Parson to support these much-needed investments that will send a signal to current and prospective businesses and talent that Missouri has a healthy business climate and is focused on inclusive economic growth.”
The budget now heads to the Governor’s desk for approval.