The FY 2022 budget year is estimated to exceed $1.575 billion when it is officially closed out.
For the first month in the new fiscal year, Mississippi continues to see collected revenue numbers exceed budgetary estimates, continuing a trend that saw last year’s revenues outpace estimates by over a billion dollars.
The FY 2023 July state revenues collections were $44,675,714, or 8.41% above the legislature’s sine die revenue estimate. This represents nearly $2.2 million more than the same month last fiscal year.
The FY 2023 Sine Die Revenue Estimate is $6,987,400,000.
Also of note in the latest Mississippi Legislative Budget Office’s revenue reporting is that when compared to the total General Fund appropriations for FY 2022 of $5.8 billion, the General Fund will end the 2022 fiscal year with an estimated excess of $1.575 billion including reappropriations.
During the FY 2022 close-out period of July and August 2022, additional revenues may be recorded, and subsequent adjustments could be necessary, LBO says.