State revenue collections start out strong

Mississippi revenue collections were $19.6 million above the revenue estimate for September and $64.3 million above for the first quarter of the fiscal year.

The revenue estimate is important because it represents the amount of money the Legislature appropriated during the session earlier this year to fund state government for the fiscal year starting July 1. If revenue came in significantly below the estimate, the governor or the Legislature – or both – would be forced to cut budgets.

The strength of the state’s tax collections also is viewed as an economic indicator.

Revenue collections for September were 4.1 percent above the estimate and a whopping 15.1 percent above the amount collected the prior September. For the first quarter of the state’s fiscal year – July through August – collections are 5.9 percent above the estimate and $124.3 million, or 12.1 percent, above what was collected during the same period a year ago.

Still, all is not rosy.

Daily Journal
10/7/13