(STL.News) – Governor Kevin Stitt postponed this afternoon’s special meeting of the Board of Equalization after being made aware of a technical issue in the legislation passed by the House of Representatives to address the revenue shortfall in the Fiscal 2020 budget.
SB 1053 was approved by the House this morning to tap the Rainy Day Fund for $201 million to mitigate the expected revenue failure. If the Senate passes this legislation, Gov. Stitt plans to sign it in order to help facilitate April funding for state agencies.
“We have to resolve some additional items before the Board of Equalization can certify the full revenue failure of $416 million,” said Gov. Stitt. “I look forward to working with the House and Senate over the next week to negotiate the budget for the remainder of this fiscal year and for FY21.”
The postponement will not affect the State’s comprehensive response to COVID-19 while negotiations continue.