It appears the fiscal sky did not fall despite the economic shut down as Mississippi worked to flatten the impact of the coronavirus during April and May.
Total state revenue collections for the month of June FY 2020 are $8,612,029 or 1.14% above the sine die revenue estimate. Fiscal YTD revenue collections through June are $42,453,800 or 0.72% below the sine die estimate and YTD total revenue collections through June 2020 are $151,032,338 or 2.53% below the prior year’s collections. The FY 2020 Sine Die Revenue Estimate is $5,858,400,000.
As of 6/30/2020, total revenue collections for FY 2020 were $5,815,946,200.
When compared to the total General Fund appropriations for FY 2020 of $5,760,078,578, the General Fund will end the fiscal year with an estimated excess of $55.9 million.
During the FY 2020 close-out period of July and August 2020, additional revenues may be recorded, and subsequent adjustments could be necessary.
The graph above compares the actual revenue collections to the sine die revenue estimate for each of the main tax revenue sources. The figures reflect the amount the actual collections for Sales, Individual, Corporate, Use and Gaming taxes were above or below the estimate for the month and fiscal year-to-date. The graph also compares fiscal year-to-date actual collections to prior year actual collections, as of June 30, 2020.