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Joint Legislative Budget Committee sets...

Joint Legislative Budget Committee sets FY 2024 revenue estimate at $7.5 billion, outlines state funding

By: Anne Summerhays - December 6, 2022

The 2024 Revenue Estimate is $536.4 million, or 7.7% higher than the 2023 Sine Die Estimate. 

Last month, the Mississippi Joint Legislative Budget Committee (JLBC) put forth the Fiscal Year 2024 revenue estimate of $7,523,800,000, significantly higher than the FY 2023 Sine Die Revenue Estimate.

The 2024 Revenue Estimate is $536.4 million, or 7.7% higher than the 2023 Sine Die Estimate of $6,987,400,000.

READ MORE: Mississippi Joint Legislative Budget Committee adopts FY 2024 revenue estimate of $7.5 billion.

The FY 2024 revenue estimate was publicly adopted during a JLBC meeting.

“I think our committee is recommending a conservative budget,” Speaker of the House Philip Gunn said.

The FY 2024 Legislative Budget Recommendation goals include maintaining the 2% set-aside in the General Fund, strengthening the state’s financial reserves, and building a budget using only recurring funds while increasing state support for many budget lines.

It was also noted that the state’s reserve balances sit near $3.9 billion.

The total state support budget recommendation for FY 2024 is $6,989,435,095, which utilizes $55.7 million more in General Funds than were appropriated in FY 2023. 

In FY 2024, some state agencies will see increased funding. Those include:

  • State Agencies will receive health insurance increase of roughly $32 million.
  • Child Protection Services will receive $12.3 million for Foster Home and Adoption Payments.
  • Department of Public Safety will receive $2.4 million for a forensics lab.
  • The Department of Revenue will receive $1.4 million for Homestead Exemption Reimbursement.

FY 2024 state support reductions include deleting funding of 2,011 vacant positions, reducing funding for travel and contractual services, and eliminating funds for one-time expenditures.

The 10 largest budgets lines receiving state support are: 

  • MS Adequate Education Program – $2.64 billion
  • Medicaid – $902.1 million 
  • Debt Service – $433.9 million 
  • IHL (General Support) – $415.2 million
  • Corrections – $363.3 million
  • Community College – $269.1 million
  • Mental Health – $241.1 million
  • General Education – $215.2 million
  • IHL (University Medical Center) – $190.5 million
  • Department of Public Safety – $137.9 million

The total available amount of unallocated funds is $3.926 billion.

View the full report below: 

Fy24 Jlbc Rec by yallpolitics on Scribd

About the Author(s)
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Anne Summerhays

Anne Summerhays is a recent graduate of Millsaps College where she majored in Political Science, with minors in Sociology and American Studies. In 2021, she joined Y’all Politics as a Capitol Correspondent. Prior to making that move, she interned for a congressional office in Washington, D.C. and a multi-state government relations and public affairs firm in Jackson, Mississippi. While at Millsaps, Summerhays received a Legislative Fellowship with the Women’s Foundation of Mississippi where she worked with an active member of the Mississippi Legislature for the length of session. She has quickly established trust in the Capitol as a fair, honest, and hardworking young reporter. Her background in political science helps her cut through the noise to find and explain the truth.