JACKSON, MS (Mississippi News Now) –
State revenues for the recent budget year came in slightly ahead of expectations, showing the state economy is possibly on the up-swing. Lt. Gov. Tate Reeves said it also requires caution when it comes to spending.
In the new budget year, state government will only spend money on recurring expenses as well as working to fill the state’s Rainy Day Fund. The new 2015 budget will increase funding for public schools, community colleges, universities and public safety.
According to Lt. Gov. Reeves, “State government is finally doing what taxpayers do every day in their homes and businesses: spending what it takes in, prioritizing needs and saving money for a rainy day.”
By the end of 2014, the state collected %5.25 billion in general funds and filled the Rainy Day fund to its statutory limit of $409 million.
“By saving, the state can be prepared for a down economy like we saw in Fiscal Year 2010 when the budget was slashed several times during the year because of the Great Recession,” Lt. Gov. Reeves said. “With President Obama’s continued mishandling of the economy, states need to be prepared to deal with any slowdowns in the economy and potential revenue dips.”