JACKSON – The state garnered $125.7 million in new revenue during the just completed fiscal year from the Budget Transparency and Simplification Act, according to a revenue report developed by the staff of the Legislative Budget Committee.
The complex and confusing legislation, passed during the 2016 session, helped make up for the ongoing downturn in state tax collections.
Total general fund revenue collections for the fiscal year that ended June 30 was $5.65 billion – $51.5 million more than was collected during the previous fiscal year. But without the $125.7 million swept into the general fund as a result of the Budget Transparency and Simplification Act, the state would have collected less revenue than it did for the previous fiscal year. It is rare occurrence in the history of the state for revenue collections to fall year over year – having only occurred four times since 1970.