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State revenue collections still in slump

ACROSS MISSISSIPPI — The news on the state revenue collections front continues to worsen. October reports show fiscal year 2010 state revenue continues to lag behind both budget projections and year-to-year comparisons.

Revenues for the first four months of FY10 dropped 7.5 percent, or $111.7 million, below estimates. Revenue for the month of October was 6.74 percent, or $28.5 million, below actual collections in Oct. 2008.

Gov. Haley Barbour said, “It’s clear we’re continuing to feel the effects of the national recession, and as we deal with these shortfalls and plan for the next fiscal year, it’s equally clear this cannot be business as usual. There’s nothing on the horizon that would indicate state revenues are going to recover anytime soon, and that means state government needs to do the same things families all around Mississippi are doing — set priorities and reduce spending.”

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