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Legislators find $56.8M mistake in FY17 Mississippi budget

Mississippi legislative leaders say they overestimated how much money the state could collect during the coming budget year.

In a statement Tuesday, Lt. Gov. Tate Reeves and House Speaker Philip Gunn attribute the $56.8 million shortfall to a “staff error.”

It is about a 1 percent mistake in a $5.8 billion general fund.

Republicans Reeves and Gunn say no immediate action is needed. They say the shortfall could disappear if tax collections exceed expectations the first half of fiscal 2017, from July through December.

Or, they say legislators could deal with the situation after their session begins in January. Budgets could be cut, or the state could pull money from its reserves.

Gov. Phil Bryant has made two rounds of cuts during the current budget year because of lagging revenues.

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