State tax revenue cut by $175 million

Governor Phil Bryant is again cutting this year’s Mississippi state budget, even as officials try to figure out how much money the state will have next year.
Bryant announced Friday afternoon that he was cutting $20 million from the state’s $6.3 billion budget and withdrawing another $39 million from the state’s saving account to cover shortfalls.
It’s the fourth time in the current budget year that Bryant has made cuts. He’s reduced budgets by a total of $171 million, plus drawn down $50 million from the rainy day fund.
Lawmakers met earlier Friday and reduced their revenue estimate for the current year by $70 million and for the year beginning July 1st by $175 million. Lawmakers are supposed to agree on a budget for the upcoming year by Saturday night.