Mississippi revenues up $239 million over legislative estimates three months into fiscal year

The current figures show Mississippi state revenues are outpacing prior year collections by $203 million so far.

The Legislative Budget Office has released the September 2022 state revenue report showing that Mississippi’s total revenue collections for the third month in this fiscal year (FY) are $126,014,990, or 21.18% above the sine die revenue estimate.

The FY 2023 Sine Die Revenue Estimate as set by the Legislature is $6,987,400,000.

Fiscal year-to-date (YTD) revenue collections through September 2022 are $239,294,975, or 14.89% above the sine die revenue estimate.

Those figures outpace the prior year’s collections by $203,322,297 or 12.37%.

September FY 2023 General Fund collections were $112,790,857 or 18.55% over September FY 2022 actual collections.

Sales tax collections for the month of September were above the prior year by $62.9 million, while individual income tax collections for the month of September were above the prior year by $25.3 million.

Corporate income tax collections for the month of September were also above the prior year by $40.0 million.

Below is a 10-year historical look at Mississippi state revenue trends.