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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- QUIRKY? NO, JERKY — Whatever your craving, Beef Jerky Outlets likely has the flavor among 200+ choices
- Oxford’s FNC getting new headquarters
- Officials set hunting dates for birds; expands dove season by 20 days
- MARTIN WILLOUGHBY — State roots key to Edge Theory's Joe Stradinger
- ALAN TURNER — The ‘Internet of things’ is focus of Camgian's Gary Butler
- Cochran's attorneys argue for dismissal of McDaniel's lawsuit
- TECH 21 — Mississippi's most wanted in technology
- Federal charges dropped against Shumate after guilty plea
- Higher rates for Humana, lower for Magnolia ahead on health exchange