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.
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