Mississippi looks to have weathered the pandemic’s fiscal storm, at least for now.
Fiscal Year 2021 started on July 1, 2020. Thus far, total revenue collections for the month of July and Fiscal Year-to-Date 2021 through July are $46,608,241 or 9.45% above the sine die revenue estimate. Fiscal YTD total revenue collections through July 2020 are $207,530,584 or 62.47% above the prior year’s collections. The FY 2021 Sine Die Revenue Estimate is $5,690,700,000.
Sales tax collections for the month of July were above the prior year by $7.9M. Individual income tax collections for the month of July were above the prior year by $119.5M. Corporate income tax collections for the month of July were above the prior year by 76.4M.
The prior Fiscal Year that ended June 30, 2020 reported total revenue collections for FY 2020 were $5,816,924,958. 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 $48.1 million.
During the FY 2020 close-out period of July and August 2020, additional revenues may be recorded, and subsequent adjustments could be necessary.
In addition, Mississippi’s unemployment dropped 1.8% to 8.7%, nearing half of what it was in May of this year when the economy was shutdown to mitigate the coronavirus. In May, unemployment in Mississippi was 15.4%.