Mississippi Today
State revenue is sluggish, but interest from federal COVID-19 money is buoying budget
Mississippi is collecting enough money to fund the current year's budget passed by the Legislature in 2023 — largely due to interest earnings on federal COVID-19 money — but tax collections remain sluggish.
April's revenue, just released by the staff of the Legislative Budget Committee, was $6.87 million or 0.65% over the estimate. But actual tax collections were $1.3 million below the estimate.
The reason total revenue for April was above the estimate is the interest earnings the state is garnering on its surplus money. For the month of April, interest earnings were $8.2 million above the estimate, thanks to the unprecedented amount of surplus money largely from federal COVID-19 spending and because of high interest rates.
Through April, the first 10 months of the fiscal year, interest earnings are $93.4 million above the estimate. Interest earnings are more than half of the total collections above the estimate of $185.8 million for the year.
For the fiscal year to date, revenue is .39% or $24.7 million above the previous year. Without interest earnings, the state would be collecting less revenue that it did the previous year.
The sluggish collections report for April was released just as the Legislature was finalizing a budget for the upcoming fiscal year, which begins July 1.
For the upcoming fiscal year, the budget, including all state support funds, will be $7.28 billion or $583.2 million more than was budgeted for the current fiscal year. That number excludes the use of surplus funds to pay for one-time construction projects throughout the state.
Kindergarten through 12th grade education will receive $246 million or 8% of the increased funds while universities will receive an additional $60.8 million or 7.5% more than they received for the current year. Community colleges will receive an additional 18% or $53 million.
The Legislature is in an unusual position of being able to make record expenditures even as revenue collections appear to be slowing, thanks, in large part to COVID-19 relief funds and other federal funds.
But many legislative leaders said during the just completed session that they will continue to monitor collections that could impact budgeting in future years if the trend continues.
For the year, state income taxes are down $131.2 million or 6.6%. That, according to state Economist Corey Miller, is attributed at least in part to the $525 million income tax cut that currently is being phased in over a four-year period. Sales tax collections are up $71.7 million or 3.2%.
This article first appeared on Mississippi Today and is republished here under a Creative Commons license.
Mississippi Today
On this day in 1925
MAY 19, 1925
Malcolm X was born Malcolm Little in Omaha, Nebraska. When he was 14, a teacher asked him what he wanted to be when he grew up and he answered that he wanted to be a lawyer. The teacher chided him, urging him to be realistic. “Why don't you plan on carpentry?”
In prison, he became a follower of Nation of Islam leader Elijah Muhammad. In his speeches, Malcolm X warned Black Americans against self-loathing: “Who taught you to hate the texture of your hair? Who taught you to hate the color of your skin? Who taught you to hate the shape of your nose and the shape of your lips? Who taught you to hate yourself from the top of your head to the soles of your feet? Who taught you to hate your own kind?”
Prior to a 1964 pilgrimage to Mecca, he split with Elijah Muhammad. As a result of that trip, Malcolm X began to accept followers of all races. In 1965, he was assassinated. Denzel Washington was nominated for an Oscar for his portrayal of the civil rights leader in Spike Lee's 1992 award-winning film.
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=359877
Mississippi Today
On this day in 1896
MAY 18, 1896
The U.S. Supreme Court 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 law, 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 civil rights, 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 land 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
Mississippi Today
Renada Stovall, chemist and entrepreneur
Renada Stovall sat on the back deck of her rural Arkansas home one evening, contemplating life 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 parents and friends. She also knew, she needed something else to do.
“I thought, what kind of business can I start for myself,” said Stovall, as she watered herbs growing in a garden behind her south Jackson 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.”
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.
Stovall sells her balms and moisturizers at what she calls, “pop-up markets,” across the state during the summer. She's available via social media 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 comes from West 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.”
This article first appeared on Mississippi Today and is republished here under a Creative Commons license.
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