Shown above, Dr. Kent Farnsworth and Sen. Ron Richard during the Senate Gubernatorial Appointments Committee on Jan. 14.

During this second week of the 2015 session, senators continued filing new legislation, and the first Senate bills were referred to committee for consideration. Most of the work we do during the beginning weeks of session is done in the various committees, where senators have the chance to hear public testimony and question legislation.

I was honored to have with me at the committee hearing Dr. Kent Farnsworth, who I nominated as a member of the Missouri Charter Public School Commission. Dr. Farnsworth received his doctorate in mass communications from the University of Iowa. He has nearly 40 years of experience in higher education administration, which includes his time serving as President of Crowder College in Neosho, Mo., from July 1985 to July 2004, and again as Interim President from July 2013 to July 2014. Dr. Farnsworth is currently a Leadership Coach for the Lumina Foundation’s Achieving the Dream Initiative.

Legislative News

Among the Senate bills referred to committee this week is one of the top-priority measures for the upper chamber: school transfers. Similar to legislation filed during the 2014 session, Senate Bill 1 addresses the issues schools have had in recent years with the transfer of students from unaccredited to accredited school districts.

The 2014 version of the bill, which was ultimately vetoed by the governor, was hailed as a true bipartisan effort. I have no doubt that Senate and House members on both sides of the aisle will once again unite in their efforts to address the shortcomings of our education system. We must do better for Missouri’s children. Senate Bill 1 was referred to the Senate Education Committee.

Finally, I’m happy to report that, as of Dec. 31, 2014, Missouri’s net General Revenue (GR) collections for Fiscal Year (FY) 2015 have increased 5.1 percent when compared to the same time period for FY 2014. The actual net GR figure through the month of December for FY 2015 is $4.06 billion, which is approximately $195 million more than the net GR figure of $3.87 billion collected during the same time period for FY 2014. The 5.1 percent GR growth rate thus far in FY 2015 is slightly above the revised FY 2015 GR estimated growth rate of 4.6 percent, as agreed upon by the Legislature and governor.

Helpful Consumer Financial Information

Throughout the 2015 session, we’ll provide helpful tips on consumer financial information, courtesy of the Missouri Credit Union Association. It’s common for people to find themselves in debt after the holiday season. Even people with the best intentions, who plan ahead and budget for holiday purchases, may find themselves with credit card debt that is difficult to pay off.

The Missouri Credit Union Association offers a few tips and ideas to help you overcome the debt burden, get your finances back in order and plan for the next holiday season.

Here are a few simple ways to help pay off your holiday debt sooner:                                                        

• Don’t Skip Payments – Under no circumstances is it a good idea to skip a payment. Not only will you be charged a late fee for each missed payment, but your credit rating will take a hit as well. Be sure, at the very least, to make the minimum payment each month and avoid this financial pitfall.
• Pay More than the Minimum – If possible, always pay more than the minimum payment. Paying as much as you can over the minimum each month means you will pay less interest, enabling you to pay off your debt faster.
• Snowball Credit Card Payments – If you have multiple credit cards, pay off the one with the highest interest rate first. Once that balance is paid off, roll what you would have paid on that bill into your payment on the bill with the next highest interest rate. The payments get bigger and bigger as you pay off your cards, like a ‘snowball.’ However, be sure to continue to make the minimum payments on your other accounts as well.
• Turn Unwanted Gifts into Cash – Despite the best efforts of your friends and family, some gifts just aren’t a good fit. Return unwanted or unusable gifts for cash, or at the least, for store credit. The earlier you return the gift, the better the chance of receiving cash in exchange for the item.
• Open a Holiday Savings Account for Next Year – Many credit unions offer a holiday savings account. This type of account gives members an opportunity to save for a specific purpose year-round while earning interest. Once the holiday season approaches, the money is deposited into your account, providing a financial cushion during one of the busiest shopping times of the year.