State General Fund Revenue Estimate: FY 2012 Revised and FY 2013
March 27th, 2012
Last Tuesday, State Economist Darrin Webb shared the State’s General Fund Revenue Estimate for FY 2012 (revised) and FY 2013 with the Legislature. The table below includes a breakdown of these revenue estimates. The total revised General Fund Revenue Estimate for FY 2012 is approximately $4.8 Billion and $4,761 Billion for FY 2013. The estimate stayed roughly the same.
Since the last revenue update, the economy has been growing. However, this growth is at a slow pace and remains vulnerable to shock. Additionally, Dr. Webb stressed that even if the nation does not enter a recession, there is still a chance that Mississippi will—the state has experienced four consecutive years of declining employment.
While it is encouraging to see that revenues are projected to exceed original estimates, there are ways that our state can take a more balanced approach. Opportunities for revenue growth include: Updating the state’s sales tax base to include more services, funding and implementing the hiring and retention of auditors and collectors for the Department of Revenue, and closing corporate loopholes by supporting HB970.
A copy of the full document can be found hereAuthor: Francinia D. McKeithan, Policy Analyst/ SFAI Policy Fellow