State tax collections tumble
JACKSON — Gov. Haley Barbour is urging state agencies to closely monitor expenditures as general fund collections fell $26.2 million, or 11.27 percent, below expectations for July 2009.
“State tax collections in July were much lower than anticipated,” Barbour said. “We cannot ignore the fact that revenues continue to fall below our expectations. State agencies must spend tax dollars responsibly and keep in mind that cuts may be needed in the current fiscal year.”
Revenue for the month fell $56 million, or 21 percent, compared with collections for July 2008. In fiscal year 2009, falling collections caused $200 million to be cut from the $5.6 billion state support budget.
After a lengthy debate, the Legislature approved a $6-billion state support budget for the current FY 2010, which began July 1. The budget includes $523.2 million from the American Recovery and Reinvestment Act. Barbour has warned that revenues through FY 2012 may fall below expectations.
“The effects of the current recession will continue to impact the state budget in the months and years to come,” Barbour said. “Mississippi faces serious budget problems. State agencies will have to live within their means while we keep a balanced, conservative budget in tact.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Bids on reworking Interstate 55 stretch are rejected
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- ALAN TURNER: Education in Mississippi – good and bad news
- Hosemann to launch crowd funding program
- CFPB wants repay ability at center of new payday loan rules
- Terminal upgrade on indefinite hold at Jackson International Airport
- Two new casinos like the odds on Mississippi Gulf Coast
- Answering the Bell: Interim Ole Miss law school dean well-regarded for directing hands-on clinical training