JACKSON, Miss. (AP) - The Latest on Mississippi’s state budget (all times local):
4:15 p.m.
Gov. 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, a Republican, 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 savings 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. Bryant is asking lawmakers to give him additional authority to make withdrawals from the state savings account. Bryant says he needs the authority to prevent additional cuts before the budget year ends June 30.
Lawmakers met earlier Friday and reduced their revenue estimate for the current year by $70 million and for year beginning July 1 by $175 million. Lawmakers are supposed to agree on a budget for the upcoming year by Saturday night.
___
2:45 p.m.
It’s been obvious for months that Mississippi tax revenues were lagging, and legislative leaders now acknowledge it.
With a day to go before lawmakers are supposed to agree on a $6 billion-plus budget for the year beginning July 1, House and Senate leaders on Friday cut the revenue forecast by $175 million.
That means lawmakers must either abandon their pledge to increase reserves to cushion against midyear budget cuts, or make even deeper cuts than previously forecast.
The forecast makes it harder to avoid cutting K-12 school funding, and could frustrate attempts to spend more on roads and bridges.
Tax collections have been lagging for two years, thanks to tax cuts and a barely growing state economy. Gov. Phil Bryant has already cut $150 million from the current year’s budget.
Please read our comment policy before commenting.