Mississippi revenues exceed estimates by $24.3 million in first quarter of fiscal year

• The Magnolia State’s September revenue collections top estimates by $12.3 million.

Mississippi revenue collections exceeded estimates in September by $12.3 million.

The Legislative Budget Office reported Thursday that Mississippi’s revenue collections for the third month of the current fiscal year were up 1.70 percent above the sine die revenue estimate for the month.

This follow the August report that showed revenue collections were $5 million, or less than 1 percent below legislative estimates.

The September numbers mean Mississippi revenues have exceeded estimates by $24.3 million, or 1.33 percent, through the first quarter of the current fiscal year.

LBO noted that Fiscal Year-to-date total revenue collections through September 2025 are $10,072,702 or 0.55 percent above the prior year’s collections.

The total Fiscal Year 2026 revenue estimate is $7.6 billion.

The September revenue collections report shows that Fiscal Year 2026 General Fund collections were $714,049,450 or 3.27 percent above September Fiscal Year 2025 actual collections.

Sales tax collections for this September were above the prior year by $5.0 million while corporate income tax collections for the month were above the prior year by $21.7 million.

However, individual income tax collections for the month were below the prior year by $10.9 million. This comes as Mississippi continues to phase out its individual income tax over the next decade or so.

LBO also noted that Mississippi’s unemployment rate of 3.9 percent was unchanged in September while the state’s nonfarm employment rose 0.2 percent to its highest level representing over 1.2 million workers.

“Mississippi is making history – we did it again today,” said Governor Reeves in September following the release of the employment data. “Record private sector investment, higher wages, more jobs – that’s what’s happening in Mississippi. We went to work on behalf of Mississippians, and we’ve delivered tangible results. It’s another great day for our state.”