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State revenue falls below projections in January, total collections are down year-over-year

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Revenue collections needed to fund Mississippi fell below projections for the month of January.

January's revenue collections, according to a recently released by the staff of the Legislative Budget Committee, were $6 million or 1.1% below the official estimate. For the fiscal year, which began July 1, revenue collections remain $98.3 million or 2.4% above the official estimate. The official estimate is important because it represents the amount of money legislative used in budgeting for the current fiscal year.

If revenue falls too far below the official estimate, legislators or Gov. Tate Reeves (or a combination of the two) would have to make mid-year budget cuts or dip into surplus funds to offset the shortfalls. The official estimate is being buoyed in large part because interest earnings are $56 million or 400% above the official estimate.

said the state is benefiting from a significant spike in interest income because of the large amount of surplus funds that have been obligated but are yet to be spent and because of the higher interest rates currently in effect that increase the interest earnings.

“It is better to have it than not to have it, but I don't want to base the budget on interest income,” Senate Appropriations Chair Briggs Hopson, R-Vicksburg, recently said.

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While revenue collections are exceeding the official estimate, thanks in parts to the interest income, revenue collections are $44.1 million or 1% below the amount collected during the first seven months of the past fiscal year. The state is coming off two fiscal years of unprecedented revenue growth thanks in large part to the federal spending, so it might not be considered unusual for collections to be slumping. It is rare, however, for the state to collect less revenue year-over-year.

If it was not for the interest income, state revenue would be down more than 2% over the previous year.

One reason for the drop in revenue is that beginning in January 2023, an income tax cut phase-in began. State income tax collections are down $123 million or 8.6% over the previous year. Sales tax collections, which were expected to increase because of the reduction in the income tax, are up a more modest $63.3 million or 3.9%.

Even as a $525 million reduction in the income tax is being phased in, Gov. Tate Reeves is arguing that the remaining income tax, which accounts for about 30% of state revenue, should be eliminated by 2029.

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This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Mississippi Today

On this day in 1896

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MAY 18, 1896

The ruled 7-1 in Plessy v. Ferguson that racial segregation on railroads or similar public places was constitutional, forging the “separate but equal” doctrine that remained in place until 1954.

In his dissent that would foreshadow the ruling six decades later in Brown v. Board of Education, Justice John Marshall Harlan wrote that “separate but equal” rail cars were aimed at discriminating against Black Americans.

“In the view of the Constitution, in the eye of the , there is in this country no superior, dominant, ruling class of citizens,” he wrote. “Our Constitution in color-blind and neither knows nor tolerates classes among citizens. In respect of , all citizens are equal before the law. The humblest is the peer of the most powerful. The law … takes no account of his surroundings or of his color when his civil rights as guaranteed by the supreme law of the are involved.”

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Did you miss our previous article…
https://www.biloxinewsevents.com/?p=359301

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Mississippi Today

Renada Stovall, chemist and entrepreneur

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mississippitoday.org – Vickie King – 2024-05-17 11:53:33

Renada Stovall sat on the back deck of her rural Arkansas home one evening, contemplating when she had a life-altering epiphany…

“I gotta get out of these woods.” 

She heard it as clear as lips to her ear and as deep as the trees surrounding her property. Stovall's job as a chemist had taken her all over the country. In addition to Arkansas, there were stints in Atlanta, Dallas and Reno. But she was missing home, her and friends. She also knew, she needed something else to do. 

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“I thought, what kind of business can I start for myself,” said Stovall, as she watered herbs growing in a garden behind her south home. Some of those herbs are used in her all-natural products. “I know when I lived in Reno, Nevada, where it's very hot and very dry, there really weren't products available that worked for me, my hair, and my skin suffered. I've got a chemistry degree from Spelman College. I took the plunge and decided to create products for myself.”

A variety of soaps created by Renada Stovall. Stovall is a chemist who creates all natural skin and hair care products using natural ingredients.

In 2018, Stovall's venture led to the creation of shea butter moisturizers and natural soaps. But she didn't stop there, and in December 2022, she moved home to Mississippi and got to work, expanding her product line to include body balms and butters, and shampoos infused with avocado and palm, mango butter, coconut and olive oils.

Nadabutter, which incorporates Renada's name, came to fruition.

Renada Stovall, owner of Nadabutter, selling her all-natural soaps and balms at the Clinton Main Street Market: Spring into Green, in April of this year.

Stovall sells her balms and moisturizers at what she calls, “pop-up markets,” across the during the summer. She's available via social and also creates products depending on what of her ingredients a customer chooses. “My turmeric and honey is really popular,” Stovall added.

“The all-natural ingredients I use are great for conditioning the skin and hair. All of my products make you feel soft and luscious. The shea butter I use from Africa. It's my way of networking and supporting other women. And it's my wish that other women can be inspired to be self-sufficient in starting their own businesses.”

Soap mixture is poured into a mold to cure. Once cured, the block with be cut into bars of soap.
Renada Stovall, making cold soap at her home.
Renada Stovall adds a vibrant gold to her soap mixture.
Tumeric soap created by Nadabutter owner, Renada Stovall.
Soap infused with honey. Credit: Vickie D. King/Mississippi

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

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On this day in 1954

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mississippitoday.org – Jerry Mitchell – 2024-05-17 07:00:00

MAY 17, 1954

Ella J. Rice talks to one of her pupils, all of them white, in a third grade classroom of Draper Elementary School in Washington, D.C., on September 13, 1954. This was the first day of non-segregated schools for teachers and . Rice was the only Black teacher in the school. Credit: AP

In Brown v. Board of Education and Bolling v. Sharpe, the unanimously ruled that the “separate but equal” doctrine in Plessy v. Ferguson was unconstitutional under the 14th Amendment, which guaranteed equal treatment under the

The historic brought an end to federal tolerance of racial segregation, ruling in the case of student Linda Brown, who was denied admission to her local elementary school in Topeka, Kansas, because of the color of her skin. 

In Mississippi, segregationist called the day “Black Monday” and took up the charge of the just-created white Citizens' Council to preserve racial segregation at all costs.

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This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

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