Mississippi is continuing to exceed fiscal-year-to-date-revenue expectations and for the month of November, with more than $3 billion in the state’s coffers.
In November alone, the state collected $529,022,685, which is only about 1.48% above what budget estimators expected to collect, according to a Legislative Budget Office report issued on Dec. 3. The figure is also about $277,313 short of what the state received in November 2023 ($529,299,998).
As for the fiscal year, the state is continuing a months-long stretch of exceeding expectations. By Nov. 30, the state has received $3,015,170,010, which is $26.2 million more than what was expected to have been collected by that time.
Last year, the state collected $2,995,272,968 by Nov. 30, putting this fiscal year ahead by about $19 million.
The state’s fiscal year begins July 1 and ends June 30. State revenue reports are provided by LBO, and they reflect revenues from taxes, state investments, fees and other revenue sources from the previous month.
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What did some of the state’s taxes bring in?
State personal income taxes, as reported by LBO, amounted to $976,066,293 for the fiscal year so far, which is 2.28% more than by the end of November 2023 ($954,286,846).
The personal income tax makes up for a huge portion of the state’s general fund revenue, and it is experiencing a phase down. The tax will be dwindled down to just 4% in 2026.
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The state 7% sales tax, which is also a huge contributor to the general fund, has brought in $1,185,029,236 so far, this fiscal year, which is 0.47% less than what was seen by Nov. 30, 2023 ($1,190,632,899).
In November, the tax brought in $240,153,841, which is also slightly lower than what was seen in November 2023 ($246,026,288).
Grant McLaughlin covers the Legislature and state government for the Clarion Ledger. He can be reached at gmclaughlin@gannett.com or 972-571-2335
This article originally appeared on Mississippi Clarion Ledger: MS revenues rising above expectations