Tax Collections Fall Short In March

Mississippi's tax collections are still in a slump.

March revenues were $34.4 million below original estimates.

The latest monthly report brings the state's tax collections for fiscal year 2002 that began July 1st to $189.2 million below original projections. Total collections in March were $274 million, not the $308.4 million anticipated.

Even with the shortfall in the 2002 fiscal year, the impact on state agencies and programs was blunted by budget cuts and a lower revenue estimate.

The Joint Legislative Budget Committee voted in March to lower the revenue estimate to no expected growth over the fiscal 2001, resulting in $3.4 billion in estimated revenue to fund agencies.

Gov. Ronnie Musgrove says that the March figures are additional proof the national recession is continuing.