Joint Legislative Budget Committee sets FY 2024 revenue estimate at $7.5 billion, outlines state funding

The 2024 Revenue Estimate is $536.4 million, or 7.7% higher than the 2023 Sine Die Estimate. 

Last month, the Mississippi Joint Legislative Budget Committee (JLBC) put forth the Fiscal Year 2024 revenue estimate of $7,523,800,000, significantly higher than the FY 2023 Sine Die Revenue Estimate.

The 2024 Revenue Estimate is $536.4 million, or 7.7% higher than the 2023 Sine Die Estimate of $6,987,400,000.

READ MORE: Mississippi Joint Legislative Budget Committee adopts FY 2024 revenue estimate of $7.5 billion.

The FY 2024 revenue estimate was publicly adopted during a JLBC meeting.

“I think our committee is recommending a conservative budget,” Speaker of the House Philip Gunn said.

The FY 2024 Legislative Budget Recommendation goals include maintaining the 2% set-aside in the General Fund, strengthening the state’s financial reserves, and building a budget using only recurring funds while increasing state support for many budget lines.

It was also noted that the state’s reserve balances sit near $3.9 billion.

The total state support budget recommendation for FY 2024 is $6,989,435,095, which utilizes $55.7 million more in General Funds than were appropriated in FY 2023. 

In FY 2024, some state agencies will see increased funding. Those include:

  • State Agencies will receive health insurance increase of roughly $32 million.
  • Child Protection Services will receive $12.3 million for Foster Home and Adoption Payments.
  • Department of Public Safety will receive $2.4 million for a forensics lab.
  • The Department of Revenue will receive $1.4 million for Homestead Exemption Reimbursement.

FY 2024 state support reductions include deleting funding of 2,011 vacant positions, reducing funding for travel and contractual services, and eliminating funds for one-time expenditures.

The 10 largest budgets lines receiving state support are: 

  • MS Adequate Education Program – $2.64 billion
  • Medicaid – $902.1 million 
  • Debt Service – $433.9 million 
  • IHL (General Support) – $415.2 million
  • Corrections – $363.3 million
  • Community College – $269.1 million
  • Mental Health – $241.1 million
  • General Education – $215.2 million
  • IHL (University Medical Center) – $190.5 million
  • Department of Public Safety – $137.9 million

The total available amount of unallocated funds is $3.926 billion.

View the full report below: 

Fy24 Jlbc Rec by yallpolitics on Scribd

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