The Magnolia State’s new fiscal year budget, which started July 1st, will near $7.6 billion.
The Mississippi Legislative Budget Office released the end of fiscal year revenue report on Friday showing the Magnolia State took in $700 million more than was expected for 2023.
The Fiscal Year 2023 Sine Die Revenue Estimate was $6,987,400,000. The state took in $699.6 million, or 10.01% over that estimate between July 1, 2022, and June 30, 2023.
For the month of June 2023, revenues exceeded the month’s estimate by $47 million, or 6.63%.
While sales tax collections for the month of June were above the prior year by $8.6 million, individual income tax collections and corporate income tax collections for the month were below the prior year by $30.1 million and $3.1 million, respectively.
However, total revenue collection for June 2023 was $303,335,291, or 4.11% above the prior year’s collections.
The state began a new fiscal year on July 1, 2023. Mississippi’s new fiscal year budget, as adopted by the Legislature, will near $7.6 billion.