The first month of revenue collections for the new fiscal year came in $6.7 million, or 1.14% above the prior year’s collections for the same month.
One month into the new fiscal year and Mississippi revenues are already exceeding estimates, at least for now.
July’s revenue collections report from the Joint Legislative Budget Committee shows that total revenue collections for the month were $20,585,262, or 3.59% above the revenue estimate.
The total came in $6,684,166, or 1.14% above the prior year’s collections for the same month.
Lawmakers set the total revenue estimate for Fiscal Year 2027 at $7,532,400,000.
The report noted that General Fund collections were $6,684,166, or 1.14% above the same month in the prior year. Sales tax and corporate income tax collections for July were also above the same month last year, coming in above July 2026 by $3.1 million and $7.6 million, respectively.
Individual income tax collections for July were below the same month in the prior year by $13.6 million as the state continues to phase out the tax.
The report also noted that as of July 31, 2026, total revenue collections for the prior fiscal year – FY
2026 – were $7,732,231,289. When compared to the total General Fund appropriations for FY 2026 of
$7,142,355,792, the General Fund will end the fiscal year with an estimated excess of $589.9 million,
including reappropriations.
-- Article credit to Frank Corder for the Magnolia Tribune --
