Three months remain in the FY 2022 budget year.
Mississippi state revenues pushed nearly $900 million over budget estimates with three months still remaining in the current fiscal year.
Total revenue collections for the month of March FY 2022 are $122,486,198 or 27.81% above the sine die revenue estimate. Fiscal YTD revenue collections through March 2022 are $890,894,610 or 22.15% above the sine die estimate. Fiscal YTD total revenue collections through March 2022 are $517,388,932 or 11.77% above the prior year’s collections.
The FY 2022 Sine Die Revenue Estimate is $5,927,000,000. On March 25, 2022, the Joint Legislative Budget Committee revised the FY 2022 revenue estimate from $5,927,000,000 to $6,875,200,000 upward by $948.2M. FY 2022 year-to-date actual DOR collections above the line are $87.8M above the year-to-date FY 2022 revised revenue estimate.
The graph above compares the actual revenue collections to the sine die revenue es?mate 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 es?mate 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 March 31, 2022.
March FY 2022 General Fund collections were $84,101,856 or 17.56% over March FY 2021 actual collections. Sales tax collections for the month of March were above the prior year by $24.7M. Individual income tax collections for the month of March were above the prior year by $38.4M. Corporate income tax collections for the month of March were above the prior year by $18.5M.
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