So far this fiscal year, state revenues are up $314 million over estimates.
The October report from the Joint Legislative Budget Committee shows that Mississippi state revenues continue to tick upwards.
Total revenue collections for the month of October in Fiscal Year (FY) 2022 are $55,889,751 or 10.58% above the sine die revenue estimate.
Fiscal Year-to-Date (YTD) revenue collections through October 2021 are $314,213,329 or 16.42% above the sine die estimate.
Fiscal YTD total revenue collections through October 2021 are $160,154,166 or 7.75% above the prior year’s collections.
The FY 2022 Sine Die Revenue Estimate is $5,927,000,000.
October FY 2022 General Fund collections were $47,312,335 or 8.82% over October FY 2021 actual collections. Sales tax collections for the month of October were above the prior year by $15.9 million. Individual income tax collections for the month of October were above the prior year by $33.7 million.
The one area that was down year-to-year was corporate income tax collections. Corporate collection for the month of October were below the prior year by $4.2 million.
Frank Corder
