Missouri starts budget year with $833M balance

JEFFERSON CITY, Mo. (AP) -- Although the economy remains shaky, Missouri's new budget year is beginning with the largest surplus in at least two decades.

Missouri began its 2009 fiscal year on July 1 with an operating fund balance of $833 million.

The state Office of Administration says that's the largest amount in records dating back to 1988.

The state's interim budget director, Marty Drewel, attributes the surplus to conservative budgeting during the past several years. Gov. Matt Blunt says it's a sign of solid financial planning.

Almost half that surplus is projected to be spent during the current fiscal year. But because of the surplus, the state should be able to get by if revenues grow by less than projected.