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Update: June 10 at 12:20 p.m.:

Missouri Gov. Jay Nixon is cutting funding for public schools and universities to help balance the state budget, according to The Associated Press.

Nixon is cutting basic state aid by 7 percent for public colleges and universities for the next school year -- an increase from the 5.5 percent reduction that had been approved by lawmakers. The governor also plans to cut about $8 million from what lawmakers had approved for busing aid to public school districts. That money could later be restored if revenues are strong enough.

Nixon planned to formally announce his budget cuts later Friday. School officials who had been briefed on the cuts confirmed them to The Associated Press.

Original Story:

Gov. Jay Nixon is expected to sign the 2012 Missouri budget into law today, but an announcement about budget cuts could come with the signature.

Millions of dollars for state programs and services could be at risk. His budget director said two weeks ago that $113 million would need to be cut from the $23 billion budget lawmakers passed during the legislative session.

Recent disasters account for some of the overspending. Nixon pledged $25 million for response and recovery efforts for the recent tornado in Joplin and the southeast Missouri flooding along the Mississippi River. Neither expense was expected when lawmakers approved the budget.

Missouri's 2012 fiscal year begins July 1 and runs until June 30, 2012.

(The Associated Press contributed to this report.)