The Magnolia State’s new fiscal year budget, which started July 1st, will near $7.6 billion.
The Mississippi Legislative Budget Office released the end of fiscal year revenue report on Friday showing the Magnolia State took in $700 million more than was expected for 2023.
The Fiscal Year 2023 Sine Die Revenue Estimate was $6,987,400,000. The state took in $699.6 million, or 10.01% over that estimate between July 1, 2022, and June 30, 2023.
For the month of June 2023, revenues exceeded the month’s estimate by $47 million, or 6.63%.
While sales tax collections for the month of June were above the prior year by $8.6 million, individual income tax collections and corporate income tax collections for the month were below the prior year by $30.1 million and $3.1 million, respectively.
However, total revenue collection for June 2023 was $303,335,291, or 4.11% above the prior year’s collections.
Governor Tate Reeves took to social media to tout conservative budgeting while also saying he wants to return excess revenues to taxpayers.
“Today’s announcement is further proof of our state’s economic strength and the effectiveness of our conservative budgeting practices,” said Governor Reeves. “This money is burning a hole in Democrats’ pockets. They want to blow through this money by expanding welfare and spending it on pet projects. I want to return it to Mississippians.”
The state began a new fiscal year on July 1, 2023. Mississippi’s new fiscal year budget, as adopted by the Legislature, will near $7.6 billion.