Fiscal Notes Lacking in Mississippi; Other Fiscal Planning Measures Needed

February 4th, 2014

A new report, “Budgeting for the Future” from the Center on Budget and Policy Priorities looks at states’ fiscal planning habits. Mississippi is doing fine in some areas, but is lacking in fiscal notes, in looking at current and future needs, and in evaluating tax expenditures. Fiscal planning allows states to look ahead to trends in revenue, to look at the potential impact of new legislation, and the changing costs of providing current state services. The report highlights some tools states can use to plan for the future and give citizens more information about their state’s budget.

Of particular note for the current legislative session, is Mississippi’s lack of adequate fiscal notes. The report looked at states’ use of fiscal notes to look at multi-year impacts of proposed legislation.

In Mississippi, fiscal notes are often not conducted and those that are, are not made public. Fiscal notes allow legislators and the public to consider the cost of proposed legislation as it is being decided. Without fiscal notes, policy makers cannot adequately compare legislation like tax credits, or other bills that would reduce state revenue against other legislative priorities.