State revenues miss estimate due to accounting glitch
Published: September 10,2012
JACKSON — An accounting glitch prevented state revenue collections from matching the revenue estimate for the month of August by $13.7 million.
The Northeast Mississippi Daily Journal reports in July, some unnamed retailers reimbursed to the state $17.6 million more in sales tax collections than they owed, according to the revenue report produced by the staff of the Legislative Budget Committee.
In August, the retailers were given credit for the overage. Otherwise, collections for the month of August would have exceeded the estimate.
Meeting the official revenue estimate is important because it represents the amount of money that is budgeted to fund state government.
For the first two months of the current fiscal year, which started July 1, collections are $13.4 million, or 2.3 percent, above the estimate.
— Northeast Mississippi Daily Journal
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- (UPDATE) Prison won’t interrupt ex-prison chief’s retirement cash flow
- JOSH MABUS — Inbound marketing is fueled by wishful thinking
- Kemper plant employee gag order continued
- 2014 a good year for filmmaking in Mississippi
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Ex-prison boss and businessman admit to bribery scheme
- MARTIN WILLOUGHBY — Doug Dale’s self-awareness helps lift him to top of his game
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- ASA postmortem: industrial recruiting is a constant cycle of death and life