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November bad month for state revenue collections

By BOBBY HARRISON

JACKSON – The 2017 Mississippi legislative session will not be starting on a rosy note in January in terms of state revenue collections.

November was a particularly dismal month for revenue collections. The report recently compiled by the staff of the Legislative Budget Committee reveals that in November revenue collections were $35.2 million or 8.8 percent below the official estimate that was used at the end of the 2016 legislative session in April to fund the budget for the current fiscal year, which begins July 1.

State officials are quick to point out that various anomalies can occur resulting in revenue being significantly below or above projections for one month and that one month cannot be used as a long-term indicator of state revenue collections.

Revenue collections have been sluggish for an extended period of time.

Through November – the first five months of the fiscal year – revenue collections are $50.9 million or 2.51 percent below the amount collected during the same time period last year. That number consists of general fund tax collections, such as the 7 percent sales tax, personal income tax and corporate income tax, which together make up about 75 percent of the total state general fund revenue collections.

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