Mississippi state revenues continue to exceed estimates in first month of FY 2023

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.

The chart above shows that taxes on sales, income, and gaming for July exceeded the prior year’s collections while corporate and use taxes were down year-over-year.