The state’s January tax collections came in below expectations, prompting Gov. Haley Barbour to send a statement warning additional budget cuts are possibly coming.
“The State Tax Commission reported (Jan. 29) that revenue collections for the month of January fell substantially below expectations. Previous budget cuts were based on an 8.2 percent shortfall for the first half of the fiscal year, but preliminary reports show January’s tax collections missing the mark by 12.2 percent, or $43.4 million. It is the worst showing of the current fiscal year. It is also the 17th consecutive month revenue has fallen short of estimates and the 14th consecutive month where less money was collected than the previous year.
“I soon will be forced to look at whether additional cuts will be necessary in the current fiscal year beyond the $437 million in cuts already made. The law requires a balanced budget, and I will uphold the law.”
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info