Revenues outpace legislative estimates by over $600 million with three months remaining within the present fiscal yr.
Whole state income collections in Mississippi proceed to outpace legislative sine die estimates. With three months nonetheless remaining within the present fiscal yr, the state has introduced in over $600 million in further income than was projected by lawmakers.
In response to the March 2023 state income report, whole collections for the month have been $77,234,695, or 16.84% over the sine die income estimate for the fiscal yr. Whole year-to-date collections got here in at $601,866,349, or 12.86% over estimates.
Whereas March basic fund collections have been $26,942,203 or 4.79% under the FY 2022 precise collections, fiscal year-to-date whole income collections by March 2023 have been $368,868,439, or 7.51% above the earlier fiscal yr.
Learn the complete income report right here.
The ultimate FY 2023 sine die income estimate was set at slightly below $7 billion.
To this point this fiscal yr, Gross sales, Particular person, Company, and Gaming taxes are presently above final yr’s income totals. Nonetheless, Particular person earnings tax for the month was down by $28.7 million and Company taxes have been down by $9.1 million.
The graphs under present the 10-year historic income collections in Mississippi.
Within the closing days of the 2023 legislative session, lawmakers set the FY 2024 state price range at almost $7.6 billion representing the most important state supported funding in Mississippi’s historical past.
The present FY 2023 ends on June 30 and FY 2024 begins July 1, 2023.