Home » NEWS » State revenues miss estimate due to accounting glitch

State revenues miss estimate due to accounting glitch

JACKSON — An accounting glitch prevented state revenue collections from matching the revenue estimate for the month of August by $13.7 million.

The Northeast Mississippi Daily Journal reports in July, some unnamed retailers reimbursed to the state $17.6 million more in sales tax collections than they owed, according to the revenue report produced by the staff of the Legislative Budget Committee.

In August, the retailers were given credit for the overage. Otherwise, collections for the month of August would have exceeded the estimate.

Meeting the official revenue estimate is important because it represents the amount of money that is budgeted to fund state government.

For the first two months of the current fiscal year, which started July 1, collections are $13.4 million, or 2.3 percent, above the estimate.


Northeast Mississippi Daily Journal


… 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

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *