State's May revenue collections dismal
JACKSON – Dismal state revenue collections for the month of May have reversed the positive trends of the past two months.
State tax collections were $148 million or 27.7 percent below the official estimate for the month of May, according to statistics provided by the Mississippi Department of Revenue. For the fiscal year, which ends June 30, revenue collections are $154.3 million or 3.2 percent below the official estimate.
The estimate is important because it represents the amount of money budgeted by the 2016 Legislature for the fiscal that ends June 30.
Even though revenue collections for May were brutally disappointing after surprisingly strong collections in March and April, it is possible that Gov. Phil Bryant will not have to transfer any additional money from the state’s rainy day fund during the last month of the fiscal year to balance the budget.
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