mississippi fiscal summary january, 2008. general fund estimates, fy 2008 beginning cash balance,...
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MississippiFiscalSummary
January, 2008
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 2008Regular Appropriations, FY 2008 4,932,302,012From and After FY 2007 34,352,958Reappropriations from FY 2007 1,575,000General 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.
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Gross State General Fund Revenue Estimates, FY Gross State General Fund Revenue Estimates, FY 20092009
(In Millions)(In Millions)
3042.1
413.6
182.387.8
1966.6
551.3
304.0
117.3452.3
377.5
Total: $7,494.8
Auto privilege
Sales
PetroleumOtherGaming
Use
Insurance Premium
Corp. Income
Indiv. Income
Non-Tax Commission
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Sales tax:Sales tax:CitiesCities $420$420Public School Building FundPublic School Building Fund 2020Four-Lane Highway Construction ProjectFour-Lane Highway Construction Project 44School Ad Valorem Tax Reduction FundSchool Ad Valorem Tax Reduction Fund 4242Education Enhancement FundEducation Enhancement Fund 292292Motor Vehicle Ad Valorem Tag Reduction FundMotor Vehicle Ad Valorem Tag Reduction Fund 179179OtherOther 3131 988988
Income tax:Income tax:Individual Income Refund AccountIndividual Income Refund Account 384384Corporate Income Refund AccountCorporate Income Refund Account 4747 431431
Use Tax:Use Tax:Education Enhancement FundEducation Enhancement Fund 2929School Ad Valorem Tax Reduction FundSchool Ad Valorem Tax Reduction Fund 44
Motor Vehicle Ad Valorem Tag Reduction FundMotor Vehicle Ad Valorem Tag Reduction Fund 4040 73 73
Gaming Taxes:Gaming Taxes:Municipalities and CountiesMunicipalities and Counties 137137Bond Sinking FundBond Sinking Fund 3636 173173
Insurance Premium Tax:Insurance Premium Tax:CitiesCities 88CountiesCounties 88Other Insurance Fire FundOther Insurance Fire Fund 2222 3838
Petroleum TaxPetroleum Tax 451451Auto Privilege TaxAuto Privilege Tax 105105OtherOther ____160160TOTAL DIVERSIONSTOTAL DIVERSIONS $2419$2419
Estimated Diversions from Gross State General FundTax Commission Collections, FY 2009
(In Millions)
4
Net General Fund Revenue Estimates, FY 2009Net General Fund Revenue Estimates, FY 2009(In Millions)(In Millions)
144.087.8
1582.4
504.1
231.3
204.9 267.3
2054.2
Total: $5,076.0
OtherGaming
Sales
Insurance Premium
Non-Tax Commission
Indiv. Income
Corp. Income
Use
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-41.3%Issaquena
-20.2%Benton
-12.7%Pearl River
-10.2%Choctaw
-9.7%Carroll
-9.0%Covington
-8.3%Jasper
-8.0%Amite
-7.9%Itawamba
-7.3%Stone
-7.0%Lawrence
-6.7%Winston
-6.5%Smith
-6.0%Harrison
-5.7%Jackson
-5.4%Adams
-4.6%Forrest
-4.5%Oktibbeha
-4.4%Quitman
-4.2%Neshoba
-4.2%Tunica
-3.9%Jefferson
-3.0%Humphreys
-2.8%Perry
-2.7%Washington
-2.4%Yalobusha
-2.2%De Soto
-1.6%Newton-1.4%
Hinds
-1.3%Calhoun
-1.1%Tate
-0.3%Tishomingo
0.6%Rankin
0.7%Lamar0.8%
Wilkinson
0.9%Simpson
1.0%Pike
1.7%Chickasaw
2.3%Monroe
2.9%Lauderdale
2.9%Webster
3.2%Wayne
3.4%Madison
3.4%Montgomery
3.5%Leake
3.5%Coahoma
3.7%Sharkey
3.7%Jones
3.8%Marion
3.9%Grenada
4.1%Tippah
4.2%Lee
4.2%Sunflower
4.2%Lincoln
4.6%Walthall
4.8%Noxubee
5.0%Leflore
5.4%Marshall
5.5%Panola
5.8%Franklin
5.8%Bolivar
5.9%Pontotoc
6.3%Attala
6.4%Claiborne
6.7%Warren
6.7%Union
7.2%Copiah
7.7%Holmes
8.8%Scott
9.5%Yazoo
10.2%Lafayette
11.5%Jefferson Davis
12.1%Lowndes
12.3%Greene
13.4%Kemper
14.7%Prentiss
15.5%Clay
15.9%Hancock
16.5%Alcorn
19.3%Clarke
36.2%George
51.3%Tallahatchie
Less than 0%
0.0% to 10.0%
Greater than 10%
Retail Sales GrowthJanuary – November
2007 Over 2006
Mississippi 0.4%
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General Fund Revenue Growth
7
Growth NeededJanuary - June
Growth Rate Over Prior Year To MakeJan-Dec 2007 Oct-Dec 2007 Revised Estimate
Sales 0.5% 1.3% 5.7%Ind. Income 12.7% 1.7% 4.7%Corporate 9.3% -5.3% -4.0%Use -3.0% 4.6% 9.7%Gaming 20.3% 8.9% -2.9%
Total General Fund 6.7% 3.1% 2.0%
General Fund Estimates, FY General Fund Estimates, FY 20092009
Estimated beginning cash, July 1, 2008 Estimated beginning cash, July 1, 2008 $76,213,972$76,213,97211
Estimated revenues FY 2009 Estimated revenues FY 2009 5,076,000,0005,076,000,000
Total estimated funds Total estimated funds 5,152,213,9725,152,213,972
Less 2% Holdback Less 2% Holdback
(103,044,279)(103,044,279)
Funds available for FY 2009Funds available for FY 2009 $5,049,169,693$5,049,169,693150% 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.
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ESTIMATED INCREASES IN
MISSISSIPPI GENERAL FUND, FY 2009
Total Available
Beginning Estimated Total FundsCash Balance Revenues Funds (98%)
FY 2008 $226,197,915 $4,933,200,000 $5,159,397,915 $5,056,928,516FY 2009 $76,213,972 $5,076,000,000 $5,152,213,972 * $5,049,169,693
($149,983,943) $142,800,000 ($7,183,943) ($7,758,823)
* Funds were adjusted by the expected transf er of $38.0 million to the Health Care Trust Fund and a $14.8 million change in accelerated taxes.
Note: Estimated rev enues proposed by a consensus staf f recommendation of the Univ ersity Research Center, State Tax
Commission, Department of Finance and Administration, State Treasurer, and Legislativ e Budget Of f ice. These rev enue
estimates were adopted by the Joint Legislativ e Budget Committee and the Gov ernor in October, 2007. Both are
subject to rev ision, depending on changes in the economic situation, tax collection trends, and changes in rev enue laws.
SOURCE: Mississippi State Tax Commission, December 2007.
Legislativ e Budget Of f ice, December 2007.
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(In Millions)(In Millions) (% of Total)(% of Total)
Public EducationPublic Education $2,234.4$2,234.4 45.0%45.0%
Higher EducationHigher Education 836.3836.3 16.8%16.8%
Social WelfareSocial Welfare 519.2519.2 10.5%10.5%
Debt ServiceDebt Service 289.5289.5 5.8%5.8%
CorrectionsCorrections 266.0266.0 5.4%5.4%
Hospitals/Hospital SchoolsHospitals/Hospital Schools 258.8258.8 5.2%5.2%
Agriculture & Economic DevelopmentAgriculture & Economic Development 114.1114.1 2.3%2.3%
Military, Police and Veterans AffairsMilitary, Police and Veterans Affairs 100.6100.6 2.0%2.0%
Local AssistanceLocal Assistance 84.084.0 1.7%1.7%
Fiscal AffairsFiscal Affairs 81.181.1 1.6%1.6%
Conservation & RecreationConservation & Recreation 56.156.1 1.1%1.1%
All OthersAll Others 128.1128.1 2.6%2.6%
TOTALTOTAL $4,968.2$4,968.2 100.0%100.0%
General Fund Appropriations, FY 2008General Fund Appropriations, FY 2008
NOTE: Total excludes potential deficit NOTE: Total excludes potential deficit appropriations.appropriations.
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Allocation of General Fund, Allocation of General Fund, FY 1990, FY 2000, and FY 2008FY 1990, FY 2000, and FY 2008
Exp.Exp. Exp.Exp. App.App.19901990 20002000 20082008
Public EducationPublic Education 46.8%46.8% 39.3%39.3% 45.0%45.0%Higher EducationHigher Education 17.7%17.7% 18.7%18.7% 16.8%16.8%Social WelfareSocial Welfare 9.5% 9.5% 8.9% 8.9% 10.5%10.5%Debt ServiceDebt Service 0.8%0.8% 4.6%4.6% 5.8%5.8%
CorrectionsCorrections 3.7% 3.7% 7.2% 7.2% 5.4% 5.4%Hospitals/Hospital SchoolsHospitals/Hospital Schools 4.4% 4.4% 6.2% 6.2% 5.2% 5.2%Agriculture & Economic Dev.Agriculture & Economic Dev. 3.5%3.5% 3.2% 3.2% 2.3% 2.3%Military, Police & Veterans Aff.Military, Police & Veterans Aff. 2.1%2.1% 2.2% 2.2%
2.0% 2.0%
Local AssistanceLocal Assistance 3.5%3.5% 2.2% 2.2% 1.7% 1.7%Fiscal AffairsFiscal Affairs 2.5%2.5% 2.1% 2.1% 1.6% 1.6%Conservation & RecreationConservation & Recreation 1.8%1.8% 2.0% 2.0% 1.1% 1.1%All OthersAll Others 3.7%3.7% 3.4% 3.4% 2.6% 2.6%
TOTALTOTAL 100.0%100.0% 100.0%100.0% 100.0%100.0%11
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Total Revenues, General and Special Total Revenues, General and Special Funds, Funds,
FY 1990, FY 2000, and FY 2007FY 1990, FY 2000, and FY 2007
FYFY FYFY FYFY19901990 20002000 20072007
General Fund General Fund 46.7%46.7% 37.7%37.7% 29.9%29.9%
Special FundsSpecial Funds
State Sources State Sources 20.3%20.3% 29.1%29.1% 18.9%18.9%
Federal SourcesFederal Sources 33.0%33.0% 33.2%33.2% 51.2%51.2%
Working Cash-Stabilization Working Cash-Stabilization Reserve FundReserve Fund
(In Millions)(In Millions)
FY 2005 $34.9
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* As of June 30.
FY 2006 $18.9
FY 2007 $73.4