Revenues outpace legislative estimates by over $600 million with three months remaining in the current fiscal year.
Total state revenue collections in Mississippi continue to outpace legislative sine die estimates. With three months still remaining in the current fiscal year, the state has brought in over $600 million in additional revenue than was projected by lawmakers.
According to the March 2023 state revenue report, total collections for the month were $77,234,695, or 16.84% over the sine die revenue estimate for the fiscal year. Total year-to-date collections came in at $601,866,349, or 12.86% over estimates.
While March general fund collections were $26,942,203 or 4.79% below the FY 2022 actual collections, fiscal year-to-date total revenue collections through March 2023 were $368,868,439, or 7.51% above the previous fiscal year.
Read the full revenue report here.
The final FY 2023 sine die revenue estimate was set at just under $7 billion.
So far this fiscal year, Sales, Individual, Corporate, and Gaming taxes are currently above last year’s revenue totals. However, Individual income tax for the month was down by $28.7 million and Corporate taxes were down by $9.1 million.
The graphs below show the 10-year historical revenue collections in Mississippi.
In the final days of the 2023 legislative session, lawmakers set the FY 2024 state budget at nearly $7.6 billion representing the largest state supported funding in Mississippi’s history.
The current FY 2023 ends on June 30 and FY 2024 begins July 1, 2023.