Mississippi revenues exceed estimates to start new fiscal year

• The state also collected $567 million over appropriations in the previous fiscal year.

One month into the new fiscal year, Mississippi’s revenues outpaced estimates by $16.9 million.

The Mississippi Legislative Budget Office released its July revenue report on Tuesday showing the state collected 2.95 percent above the legislative estimate for the month. July’s collections were $9,402,762, 1.62 percent above the prior year’s collections.

Leading the revenue gains were sales tax collections, which were $8.7 million above the prior year.

Individual income tax collections for the month of July were also above the prior year by $8.2 million. However, corporate income tax collections for the month were down slightly, coming in below the prior year by $400,000.

The total Fiscal Year 2026 Sine Die Revenue Estimate for this new budget year is $7,627,000,000.

Also of note in the LBO’s July report was the total revenue collections for the previous fiscal year which ended on June 30. For FY 2025, Mississippi collected $7,642,409,141 – an estimated excess of $567.6 million, including reappropriations, over the total General Fund appropriations for the year which were $7,085,211,784.

LBO noted that during the FY 2025 close-out period of July and August, additional revenues may be recorded, and subsequent adjustments could be necessary.