- The Joint Legislative Budget Committee released the September revenue report on Tuesday also showing that Mississippi revenue collections for the month were $51.6 million, or 7.34% above the revenue estimate.
Three months into the current fiscal year, Mississippi revenues are exceeding legislative estimates by $123.3 million, or 6.84% over the revenue estimate.
The state’s fiscal year-to-date total revenue is $76.8 million, or 4.15% above the prior year’s collections.
The Joint Legislative Budget Committee released the September revenue report on Tuesday also showing that Mississippi revenue collections for the month were $51.6 million, or 7.34% above the revenue estimate.
The total revenue estimate for Fiscal Year 2027 was set at $7,532,400,000.
Driving the revenue numbers for September were general fund collections, which were $17.1 million, or 2.32% above the same month in the prior year.
Sales tax and corporate income tax collections for the month of September were also above the same month in the prior year by $12 million and $32.5 million, respectively.
Individual income tax collections for the month were below the prior year by $28.8 million, which is to be expected given that Mississippi is phasing out its personal income tax and has lowered the tax to 4%.
Legislative appropriations leaders met last week to hear budget requests from state agency heads for Fiscal Year 2028. Most all of the presenters requested increases in the coming year.
READ MORE: Lawmakers hear FY 2028 budget requests from state agencies
The Joint Legislative Budget Committee will reconvene on November 4 to review the Legislative Budget Recommendation and adopt a Fiscal Year 2028 revenue estimate.
