MO State Budget Approved - Teacher Starting Pay Increased
May 13, 2022
The Missouri General Assembly passed the $49 billion state budget last week. This budget was the largest budget passed in Missouri history. The budget includes DESE's $10 billion budget. Below are some of the funding increases:
- Funds to increase teacher pay, including:
- Fully funding Governor Parson’s recommendation to increase the baseline teacher salary from $25,000 to $38,000 through a matching grant program.
- The state will provide local school districts with funds to support 70 percent of the salary costs associated with the program; local school districts would have to provide the remaining 30 percent.
- Just over $37 million to restart the Career Ladder program currently in state law, which allows teachers with at least five years of experience to earn extra money for participating in additional activities in the school setting.
- A one-time increase of $214 million to support transportation in public schools, fully funding the maximum 75 percent of reimbursable costs for the first time since 1991.
Revenue estimates made in December 2021 indicated that the current fiscal year will end June 30 with almost $3 billion in surplus general revenue, by far the most in state history.
Since those estimates were made, revenues have far exceeded expectations. Missouri has unprecedented amounts of surplus general revenue. State revenues are growing at a strong pace and will generate as much as $2 billion in additional surplus revenue by end of fiscal 2023.
The budget also sets aside $500 million for a deposit in the Missouri State Employee Retirement System (MOSERS) fund to lessen the need for future contribution increases, which receives contributions to the retirement plan from General Revenue. The budget does not set aside any additional funding for Public School and Education Employee Retirement Systems of MO (PSRS/PEERS), because PSRS/PEERS receives its funding from employees and employers directly and the System is prevented by statute from accepting general revenue directly. The budget bill now heads to Governor Parson’s desk for signature.
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