State revenues miss expectations again
ACROSS MISSISSIPPI — State revenues missed expectations for the 15th consecutive month in November, demonstrating the necessity of major budget reforms and an overhaul of Mississippi government structure, Governor Haley Barbour said.
For the first five months of fiscal year 2010, revenue fell 7.38 percent, or $136.6 million, below expectations. Tax collections for the month of November were 6.88 percent, or $24.8 million, below estimates.
“November’s revenue report is further confirmation of what we have known for months — Mississippi’s state budget will not recover from this recession anytime soon,” Barbour said. “With every passing month, tax collections have fallen lower, and further cuts in the current fiscal year are unavoidable. It also shows we must take real action in the coming legislative session to control spending tightly. This is not business as usual, and budget savings, instead of tax increases, are the answer.”
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