State revenue expectations surpassed by nearly $700 million

Mississippi Gov. Tate Reeves Friday touted a new report that had state revenue collections exceeding expectations by $699,647,493 in Fiscal Year 2023. In total, Mississippi collected $7,687,047,493, representing an increase of 4.11 percent over the previous year. 

“Today’s announcement is further proof of our state’s economic strength and the effectiveness of our conservative budgeting practices,” said Reeves. “This money is burning a hole in Democrats’ pockets. They want to blow through this money by expanding welfare and spending it on pet projects. I want to return it to Mississippians.”

A news release from Reeves’ office noted that Mississippi’s May unemployment rate reached an all-time low for the third consecutive month. Last year, Mississippi set a record in new private capital investment when it finalized over $6 billion in new economic development projects. This includes the largest economic development project in Mississippi’s history, a $2.5 billion investment that will create 1,000 jobs with an average annual salary of almost $100,000.