JACKSON – The Joint Legislative Budget Committee today adopted increased revenue estimates for the current fiscal year and FY 2013 to reflect slight growth in state tax collections, Lt. Gov. Tate Reeves announced today.
The Joint Legislative Budget Committee increased expectations for the current fiscal year by $99 million to $4.761 billion, which would be a 3.5 percent increase over the previous fiscal year. The revenue estimate for FY 2013, which begins July 1, rose by $128 million to $4.759 billion, which will be a 1.3 percent over the current budget year. This week, Senate and House Appropriations Committees will begin crafting a budget for FY 2013 based on the new estimate.
“This revision is a measured attempt to recognize that we are seeing some economic growth in our state,” Lt. Gov. Reeves said. “However, we still won’t see significant growth over the next several years and must remain cautious in our spending.”
The Joint Legislative Budget Committee revised revenues estimates after a presentation by State Economist Darrin Webb. He warned legislators the economy is recovering slowly but remains fragile.