Revenue estimates are starting off FY 2024 well above sine die estimates indicating it could be another year of surplus for Mississippi.
Total revenue collections in Mississippi for July of the FY 2024 year are 8.17% over the sine die estimate which comes to roughly $45.1 million, making year-to-date revenue also overestimate for the same amount.
“We are pleased that revenues continue to exceed estimates, a sign of a strong economy in Mississippi. We look forward to continuing to cut taxes, pay off debt, invest in things like infrastructure and education, and prepare for a rainy day which, hopefully, never comes,” said Lt. Governor Delbert Hosemann.
Total collections for FY 2023 came to $7.7 billion while appropriations only accounted for revenue’s meeting $6.4 billion. The general fund ended the fiscal year with an estimated $1.3 billion in the bank.
The report compares actual revenue collections to what was in the sine die estimate for each of the main tax revenue sources the state receives. In sales tax, estimates and actual revenue were $12.4 million overestimates, individual income tax was $20 million over, Corporate, $4.4 million, Use tax $2.3 million and Gaming came in just under $1 million.
Mississippi has had a historic jump in revenue collections since FY 2020, which is a reflection of the calendar year 2019-2020.
Compared to FY 2023, there has been a 3.72% increase in collections, a total of $21.4 million.
Read the full report below: