Post by pavel on Apr 16, 2016 3:49:23 GMT -6
Facing more revenue shortfalls, Mississippi lawmakers on Friday voted to pull numerous “special fund” agencies or accounts into the general fund and take their cash reserves to balance the state budget.
Mississippi legislators are haggling to set a roughly $6 billion state budget for the coming year by Sunday’s deadline. On Friday, lawmakers learned they’ll have $102 million less to spend than previously estimated, in part because of tax breaks they’ve passed over the last few years. A joint House-Senate budget committee chaired by Lt. Gov. Tate Reeves adopted the more austere estimatesta Friday on the advice of the state economist and budget experts.
“The decision today certainly complicates the budget process, and is going to make it harder to get a budget done over the next day or so,” said Lt. Gov. Tate Reeves. “But it also confirms what we’ve been saying for five years now – we are not going to spend money we don’t have.”
Reeves said dour revenue projections don’t mean a 15-year, $600-million tax cut plan he’s been pushing is off the table. The plan would phase in tax cuts for corporations and individual income.
Read more: www.clarionledger.com/story/news/politics/2016/04/15/legislature-special-funds/83074184/
Mississippi legislators are haggling to set a roughly $6 billion state budget for the coming year by Sunday’s deadline. On Friday, lawmakers learned they’ll have $102 million less to spend than previously estimated, in part because of tax breaks they’ve passed over the last few years. A joint House-Senate budget committee chaired by Lt. Gov. Tate Reeves adopted the more austere estimatesta Friday on the advice of the state economist and budget experts.
“The decision today certainly complicates the budget process, and is going to make it harder to get a budget done over the next day or so,” said Lt. Gov. Tate Reeves. “But it also confirms what we’ve been saying for five years now – we are not going to spend money we don’t have.”
Reeves said dour revenue projections don’t mean a 15-year, $600-million tax cut plan he’s been pushing is off the table. The plan would phase in tax cuts for corporations and individual income.
Read more: www.clarionledger.com/story/news/politics/2016/04/15/legislature-special-funds/83074184/