Mississippi revenues soar to nearly $1.3 billion over initial Fiscal Year estimates

Lawmakers revised the budget estimates at the end of the 2022 session. Even with the revision, state revenue is up $387 million.

The May 2022 state revenue numbers are out and according to the Joint Legislative Budget Committee, Mississippi continues to exceed budget estimates even after revising them earlier this as the state heads into the last month of the fiscal year.

The initial FY 2022 revenue estimate was $5.927 billion but lawmakers moved that number upwards by $948.2 million before the end of the 2022 legislative session, bringing the FY 2022 revenue estimate to $6.875 billion.

Even with that revision, state revenues are up $387.7 million over the new estimate.

Total revenue collections for the month of May FY 2022 are $173,482,930 or 34.62% above the initial sine die revenue estimate approved in 2021.

For reference, the fiscal year-to-date revenue collections through May 2022 are $1,293,511,524 or 24.31% above the initial sine die estimate in 2021. That means revenue collections through May 2022 are $614,989,588 or 10.25% above the prior year’s
collections.

State revenues have risen dramatically over the last three fiscal years, allowing lawmakers to make historic cuts to the state’s income tax while also making historic investments into education and teacher pay.

In the months ahead, lawmakers on the Legislative Budget Committee and the Appropriations Committees in both chambers will begin meeting for assess the state financial situation and begin work on the state budget once again ahead of the 2023 session which gavels back in come January.