The state has budgeted more than a billion dollars for the fiscal year 2023, but this estimate is more than a billion dollars higher.
The Joint Legislative Budget Committee (JLBC) of Mississippi has given their approval for a budget that totals $7,523,800,000 for the fiscal year 2024. When compared to the budget for the fiscal year 2023, which was $6,987,400,000, this represents a significant increase.
What is the difference between a recession and a slowing down of the job market?
Cory Miller, the state economist, addressed the attendees of the JLBC meeting while the meeting was in session. Miller said that the state’s job market slowed down in 2022, which could be a sign of a recession. However, he does not think that the state is in a recession right now.
Mississippi’s governor, Tate Reeves, was present at the meeting on Wednesday and expressed his agreement with the revenue projection. He stated that the reason for the lack of growth in the labor force is not because there are not enough jobs but rather because some people are unwilling or unable to participate in the workforce.
What is your overall impression of Governor Reeves’s State of the State speech?
Additionally, Governor Reeves stated that the majority of the state’s newly business-friendly attitude is attributable to the actions taken by legislators. According to Reeves, legislators ought to be commended for making astute choices that have resulted in an increase in the amount of money entering the state as a consequence of these investments in capital.
During his speech, the governor also pleaded with legislators to return money to the general population.
“There are a lot of chances for us to cut government spending and give more money back to taxpayers,” Governor Reeves said in reference to the upcoming session of the Legislature, which will take place in approximately four to five months.
Mississippi Legislators Approve Budget Estimate for FY 2024
In the last few years, Reeves has not stopped trying to get rid of the state income tax completely.
Vice President Delbert Hosemann discussed the matter in depth with y’all politics after the resolution to approve the budget estimate for FY 2024 was finally ratified.
According to Lieutenant Governor Hosemann, “I am very happy that Mississippi continues to grow” because legislators restored $1.4 million in homestead exceptions and $20 million for the Mississippi Agricultural Economic Enhancement Program (MAEP).
JLBC Reinstates Funding for Foster Care
According to Hosemann, JLBC has reinstated $12 million in funding for foster care in order to provide more financial support to the individuals who “take care of our children.”
According to Hosemann, what you witnessed today has inspired you to have hope for the future. Today was a good day to spend money, despite the fact that the state economist has predicted that a recession will begin sometime soon.
