State revenues miss estimate due to accounting glitch

by Associated Press

Published: September 10,2012

Tags: budget, collection, estimate, retail, revenue, state government, tax

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

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