$56.8 Million Mistake Found in Mississippi Budget

Statement of Legislative Leadership
“Late last week, we were made aware of a staff error that led to expected general fund revenues to be overestimated by $56.8 million during the FY2017 budget negotiations,” said Lieutenant Governor Tate Reeves and Speaker Philip Gunn in a joint statement. “This error has no impact on the current year budget.

As a reminder, the Legislature anticipates unallocated balances of an approximate total of $490 million, including $347.7 million in the Working Cash Stabilization Reserve Fund, $32.8 million in the Capital Expense Fund, and $108.5 million in the Budget Contingency Fund,” they continued. “Unless revenues outperform expectations during the first six months of the next fiscal year, this anticipated shortfall will be addressed during the 2017 legislative session.”