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May revenue numbers over $24 million...

May revenue numbers over $24 million under estimates

By: Sarah Ulmer - June 3, 2020

Total revenue collections for the month of May FY 2020 are $24,717,016 or 5.15% below the sine die revenue estimate. Fiscal YTD revenue collections through May are $51,065,828 or 1.00% below the sine die estimate. Fiscal YTD total revenue collections through May 2020 are $137,095,116 or 2.64% below the prior year’s collections. The FY 2020 Sine Die Revenue Estimate is $5,858,400,000.

On November 22, 2019, the Joint Legislative Budget Committee revised the FY 2020 revenue estimate upward by $137.8M. FY 2020 year-to-date actual collections are $164,352,830 below the year-to-date FY 2020 revised revenue estimate as of May 2020. The FY 2020 Revised Revenue Estimate is $5,996,200,000.

The graph above compares the actual revenue collections to the sine die revenue estimate for each of the main tax revenue sources. The figures reflect the amount the actual collections for Sales, Individual, Corporate, Use and Gaming taxes were above or below the estimate for the month and fiscal year-to-date. The graph also compares fiscal year-to-date actual collections to prior year actual collections, as of May 31, 2020.

May FY 2020 General Fund collections were $28,520,194 or 5.89% below May FY 2019 actual collections. Sales tax collections for the month of May were below the prior year by $13.7M. Individual income tax collections for the month of May were below the prior year by $13.0M. Corporate income tax collections for the month of May were above the prior year by $11.5M.

 

About the Author(s)
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Sarah Ulmer

Sarah is a Mississippi native, born and raised in Madison. She is a graduate of Mississippi State University, where she studied Communications, with an emphasis in Broadcasting and Journalism. Sarah’s experience spans multiple mediums, including extensive videography with both at home and overseas, broadcasting daily news, and hosting a live radio show. In 2017, Sarah became a member of the Capitol Press Corp in Mississippi and has faithfully covered the decisions being made by leaders on some of the most important issues facing our state.