The Mississippi Joint Legislative Budget Committee has released revenue reports as of May 31
This year has again exceeded lawmakers expectations of revenue collections.
Total collections for the month of May FY2018 are $45,309,420. That’s 10.25% above the sine die revenue estimate.
For the Fiscal YTD revenue collections they are 0.87% above the sine die estimate and for the total YTD revenue collections through May .07% below where they were last year.
The report also showed that unemployment rates in the state and throughout the entire U.S. continue to stay at an all time low. Mississippi increased 0.1 to a 4.6% unemployment rate in April, the national rate at 3.9%, dropping -0.2%. Also, notable is Mississippi’s GDP, which is growing at a 2.5% annual rate.
“The pro-job, pro-growth policies Republicans have championed are working. Mississippi’s economy is strong and unemployment has reached historic lows because we have reduced taxes and eliminated burdensome regulations. I am grateful to everyone who has worked hard to help us reach this point,” said Gov. Phil Bryant.
The figures reflect the amount the actual collections for Sales, Individual, Corporate, Use and Gaming taxes were above or below the estimate for the month and fiscal year-to-date.
The graph also compares fiscal year-to- date actual collections to prior year actual collections, as of May 31, 2018.
“Under President Trump, we’re seeing positive economic growth and extremely low unemployment rates nationally, and I believe we’re seeing those effects in Mississippi as well,” said Lt. Gov. Tate Reeves