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Mississippi Fiscal Summary

This report provides an overview of the Mississippi Fiscal Summary for FY 2008-2009, including estimated revenues, projected expenditures, and budget allocations. It also includes data on general fund revenue growth and retail sales growth in the state.

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Mississippi Fiscal Summary

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  1. MississippiFiscalSummary January, 2008

  2. General Fund Estimates, FY 2008 Beginning cash balance, 7/1/07 $226,197,9151/ Estimated revenues 4,933,200,0002/ Less: Two Percent (2%) Holdback 102,469,399 Total estimated funds 5,056,928,516 Less: Total Budget for FY 2008 Regular Appropriations, FY 2008 4,932,302,012 From and After FY 2007 34,352,958 Reappropriations from FY 2007 1,575,000 General Fund Transfers 37,240,000 Total estimated expenditures, FY 2008 (5,005,469,970) Estimated General Fund Balance, June 30, 2008 51,458,546 Add: Two Percent (2%) Holdback 102,469,399 Less: 50% transfer to Working Cash (76,963,972) Estimated beginning cash balance, 7/01/08 $76,213,9723/ 1/ This beginning cash balance is after transfers to Working Cash and includes From and After of $34,352,958 and Reappropriations of $1,575,000. 2/ Estimated revenues reflect a $11,800,000 upward revision (October 2007) from the Sine Die estimate. 3/ Adjusted for $750,000 in Aid to Municipalities. 2

  3. Gross State General Fund Revenue Estimates, FY 2009(In Millions) Auto privilege Petroleum Other Gaming Sales Use Corp. Income Insurance Premium Non-Tax Commission Indiv. Income Total: $7,494.8 3

  4. Estimated Diversions from Gross State General FundTax Commission Collections, FY 2009(In Millions) Sales tax: Cities $420 Public School Building Fund 20 Four-Lane Highway Construction Project 4 School Ad Valorem Tax Reduction Fund 42 Education Enhancement Fund 292 Motor Vehicle Ad Valorem Tag Reduction Fund 179 Other 31 988 Income tax: Individual Income Refund Account 384 Corporate Income Refund Account 47 431 Use Tax: Education Enhancement Fund 29 School Ad Valorem Tax Reduction Fund 4 Motor Vehicle Ad Valorem Tag Reduction Fund 40 73 Gaming Taxes: Municipalities and Counties 137 Bond Sinking Fund 36 173 Insurance Premium Tax: Cities 8 Counties 8 Other Insurance Fire Fund 22 38 Petroleum Tax 451 Auto Privilege Tax 105 Other __160 TOTAL DIVERSIONS $2419 4

  5. Net General Fund Revenue Estimates, FY 2009(In Millions) Other Gaming Sales Use Corp. Income Insurance Premium Indiv. Income Non-Tax Commission Total: $5,076.0 5

  6. 16.5% -2.2% -20.2% 4.1% Alcorn De Soto 5.4% -0.3% Tippah Benton -1.1% Marshall -4.2% Tishomingo 14.7% Tate Tunica Prentiss 6.7% Union 5.5% 10.2% -4.4% 4.2% Panola Lafayette -7.9% 3.5% 5.9% Quitman Lee Itawamba Coahoma Pontotoc -2.4% Yalobusha 51.3% -1.3% 1.7% 2.3% Tallahatchie Calhoun 5.8% Chickasaw Monroe 3.9% Bolivar Grenada 15.5% 4.2% 2.9% Clay Sunflower 5.0% Webster 12.1% 3.4% Leflore -9.7% -4.5% Lowndes Montgomery Carroll Oktibbeha -10.2% -2.7% Choctaw Washington -3.0% 7.7% -6.7% 4.8% 6.3% Humphreys Holmes Winston Noxubee Attala 3.7% Sharkey 9.5% 3.5% -4.2% 13.4% -41.3% Yazoo Leake Neshoba Kemper Issaquena 3.4% Madison 8.8% -1.6% 2.9% 6.7% Scott 0.6% Newton Lauderdale -1.4% Warren Rankin Hinds 19.3% -8.3% -6.5% 6.4% Clarke Jasper Smith Claiborne 0.9% 7.2% Simpson Copiah -3.9% Jefferson 3.2% 3.7% -9.0% 11.5% Wayne -7.0% Jones Covington 4.2% Lawrence Jefferson Davis -5.4% 5.8% Lincoln Adams Franklin 3.8% 0.7% 12.3% 0.8% 4.6% -8.0% 1.0% -4.6% -2.8% Marion Lamar Greene Wilkinson Amite Pike Walthall Forrest Perry 36.2% George -7.3% -12.7% Stone Pearl River -5.7% -6.0% Jackson 15.9% Harrison Hancock Retail Sales Growth January – November 2007 Over 2006 Mississippi 0.4% Less than 0% 0.0% to 10.0% Greater than 10% 6

  7. General Fund Revenue Growth 7

  8. General Fund Estimates, FY 2009 Estimated beginning cash, July 1, 2008 $76,213,9721 Estimated revenues FY 2009 5,076,000,000 Total estimated funds 5,152,213,972 Less 2% Holdback (103,044,279) Funds available for FY 2009 $5,049,169,693 150% of the FY2008 estimated ending cash balance of $153,927,945 or $76,963,972 will be transferred to the Working Cash Stabilization Fund. Beginning cash for FY 2009 has been adjusted for $750,000 in Aid to Municipalities. 8

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  10. General Fund Appropriations, FY 2008 (In Millions)(% of Total) Public Education $2,234.4 45.0% Higher Education 836.3 16.8% Social Welfare 519.2 10.5% Debt Service 289.5 5.8% Corrections 266.0 5.4% Hospitals/Hospital Schools 258.8 5.2% Agriculture & Economic Development 114.1 2.3% Military, Police and Veterans Affairs 100.6 2.0% Local Assistance 84.0 1.7% Fiscal Affairs 81.1 1.6% Conservation & Recreation 56.1 1.1% All Others 128.1 2.6% TOTAL $4,968.2 100.0% NOTE: Total excludes potential deficit appropriations. 10

  11. Allocation of General Fund, FY 1990, FY 2000, and FY 2008 Exp. Exp. App. 199020002008 Public Education 46.8% 39.3% 45.0% Higher Education 17.7% 18.7% 16.8% Social Welfare 9.5% 8.9% 10.5% Debt Service 0.8% 4.6% 5.8% Corrections 3.7% 7.2% 5.4% Hospitals/Hospital Schools 4.4% 6.2% 5.2% Agriculture & Economic Dev. 3.5% 3.2% 2.3% Military, Police & Veterans Aff. 2.1% 2.2% 2.0% Local Assistance 3.5% 2.2% 1.7% Fiscal Affairs 2.5% 2.1% 1.6% Conservation & Recreation 1.8% 2.0% 1.1% All Others 3.7% 3.4% 2.6% TOTAL 100.0% 100.0% 100.0% 11

  12. Total Revenues, General and Special Funds, FY 1990, FY 2000, and FY 2007 FY FY FY 199020002007 General Fund 46.7% 37.7% 29.9% Special Funds State Sources 20.3% 29.1% 18.9% Federal Sources 33.0% 33.2% 51.2% 12

  13. FY 2005 FY 2006 FY 2007 $34.9 $18.9 $73.4 Working Cash-Stabilization Reserve Fund(In Millions) * As of June 30. 13

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