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Mississippi state revenues continue to...

Mississippi state revenues continue to exceed estimates in first month of FY 2023

By: Frank Corder - August 10, 2022

The FY 2022 budget year is estimated to exceed $1.575 billion when it is officially closed out.

For the first month in the new fiscal year, Mississippi continues to see collected revenue numbers exceed budgetary estimates, continuing a trend that saw last year’s revenues outpace estimates by over a billion dollars.

The FY 2023 July state revenues collections were $44,675,714, or 8.41% above the legislature’s sine die revenue estimate.  This represents nearly $2.2 million more than the same month last fiscal year.

The FY 2023 Sine Die Revenue Estimate is $6,987,400,000.

Also of note in the latest Mississippi Legislative Budget Office’s revenue reporting is that when compared to the total General Fund appropriations for FY 2022 of $5.8 billion, the General Fund will end the 2022 fiscal year with an estimated excess of $1.575 billion including reappropriations.

During the FY 2022 close-out period of July and August 2022, additional revenues may be recorded, and subsequent adjustments could be necessary, LBO says.

The chart above shows that taxes on sales, income, and gaming for July exceeded the prior year’s collections while corporate and use taxes were down year-over-year.

About the Author(s)
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Frank Corder

Frank Corder is a native of Pascagoula. For nearly two decades, he has reported and offered analysis on government, public policy, business and matters of faith. Frank’s interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. Frank has served his community in both elected and appointed public office, hosted his own local radio and television programs, and managed private businesses all while being an engaged husband and father. Email Frank: