Mississippi collected 14.16 percent more in individual income tax revenues than it projected for February, according to numbers released from the Department of Revenue. Total general fund collections were 8.2 percent above projections, pending adjustments.
Mississippi continues to see an increase in collections over last year, but Gov. Phil Bryant, is urging lawmakers to spend carefully and prepare for the budget challenges that lie ahead.
"By making the right choices today, we can avoid making painful choices tomorrow," Gov. Bryant said. "The February numbers are encouraging considering the continued economic turbulence we are witnessing with the national economy. We will continue to watch our numbers closely as we maintain a fiscally conservative budget. If this trend continues we will be able to direct increased funding to priority areas like education."
February revenue collections at a glance:
(All numbers according to Sine Die fiscal year 2012 estimate)
· Sales tax 5.07% or $6,077,219 above estimate
· Individual income tax 14.16% or $7,052,663 above estimate
· Gaming Tax 2.08% or $255,146 above estimate
· Total General Fund 8.20% or $19,389,268 above estimate (pending Other Than adjustments)