With four months left in the current fiscal year, state revenues exceed estimates by over half a billion dollars.
Lawmakers are down to the final few weeks of the 2023 regular legislative session, and that means finalizing the state’s budget for the next fiscal year.
The latest revenue report released on Monday by the Joint Legislative Budget Committee is sure to help in those deliberations.
According to the February 2023 revenue report, total revenue collections for the month were $22,575,988 or 5.25% above the sine die revenue estimate when the budget was set last year.
Fiscal year-to-date revenue collections through February 2023 were over half a billion dollars above estimates for the year. That total sat at $524,631,654 or 12.43% above the sine die revenue estimate with four months left in the current fiscal year.
Further, the fiscal year-to-date total revenue collection through February 2023 is $395,810,642 or 9.10% above the previous year’s collections.
The current fiscal year estimated state revenue collections for 2023 was set at $6,987,400,000.
The graph below compares the actual revenue collections to the sine die revenue estimate for each of the main tax revenue sources.
The figures reflect the amount that the actual collections for Sales, Individual, Corporate, Use and Gaming taxes were above or below the estimate 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 February 28, 2023.
February 2023 General Fund collections were $32,206,204, which is 7.66% above February 2022 actual collections.
Below are graphs showing the historical revenue trends in Mississippi over the past 10 years.