Mississippi revenue $295 million higher than planned
The Sine Die estimate is the final revenue figure agreed upon by the Legislature each year as they wrap up the state's budgeting process.
"I am very pleased to see Mississippi's economy showing such strong evidence of improvement. We are working hard to build a business-friendly climate that attracts new jobs and new business investment, and we are seeing the results. Since I've taken office, we've announced the creation of more than 6,300 new jobs and more than $1 billion in private sector investment. Companies like Yokohoma, GE and Roxul can choose where to do business, and they are choosing Mississippi because Mississippi Works," said Governor Phil Bryant.
The state collected more than $5 billion in revenue during fiscal year 2013, which ended on June 30. Budget experts had projected Mississippi would collect about $4.8 billion in revenue.
Collections were higher than anticipated in many categories: corporate income tax brought in $61 million above projections, sales tax $24 million above projections, and individual income tax $170 million above projections.
A portion of the revenue increase should be available as a cushion to help the governor and lawmakers address spending priorities in fiscal year 2015. The governor will issue his priorities this November, and lawmakers will set the budget for FY15 when they reconvene in January for the 2014 regular legislative session.
Preliminary figures recently released by the Bureau of Economic Analysis show Mississippi's economy grew 2.4 percent in 2012, outperforming the Southeast's 2.1 percent growth average.
The American Legislative Exchange Council placed Mississippi among the top ten states for overall economic outlook for 2013, and the Kauffman Index of Entrepreneurial Activity named Mississippi fifth in the nation for business startup activity in 2012. American City Business Journals also recently named Governor Bryant fourteenth among U.S. governors for job creation in its On Numbers rankings. ■