Total Mississippi revenue collections for the month of August 2020 in FY 2021 are $18,019,004, or 4.05%, above the sine die revenue estimate.
Fiscal YTD revenue collections through August 2020 are $64,627,246, or 6.89%, above the sine die estimate.
Fiscal YTD total revenue collections through August 2020 are $258,718,083, or 34.79%, above the prior year’s collections. The FY 2021 Sine Die Revenue Estimate is $5,690,700,000.
As of August 31, 2020, total revenue collections for FY 2020 were $5,817,128,163.
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 $48.3 million.
The graph below compares the actual revenue collections to the sine die revenue estimate for each of the main tax revenue sources. The figures reflect the amount of actual collections for Sales, Individual, Corporate, Use and Gaming taxes 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 August 31, 2020.
August FY 2021 General Fund collections were $51,187,498, or 12.44%, above August FY 2020 actual collections. Sales tax collections for the month of August were above the prior year by $20.5M.
Individual income tax collections for the month of August were above the prior year by $16.7M. Corporate income tax collections for the month of August were below the prior year by $1.2M.
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