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Mississippi Yearly Expenses by Quarter
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Multi-State
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US-174-AZ
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FAQ
Mississippi's current budget The enacted budget included $5.8 billion in general fund appropriations, a 4 percent increases over FY 2021. Under the American Rescue Plan, Mississippi will receive $1.8 billion in direct state fiscal aid and $679 million in local government aid from the federal government.
What are the sources of revenue for state governments? State government revenue comes from income, sales, and other taxes; charges and fees; and transfers from the federal government. Taxes accounted for about half of all general revenue in 2017. State governments collected $2.0 trillion of general revenue in 2017.
Agriculture. In terms of revenue generated Mississippi's top five agricultural products are broilers, cotton, soybeans, aquaculture (farm raised catfish), and cattle and calves.
Agriculture is Mississippi's number one industry, employing approximately 17.4% of the state's workforce either directly or indirectly.
Mississippi's budget basics According to the National Association of State Budget Officers (NASBO), Mississippi's total expenditures in fiscal year (FY) 2021 were $23.2 billion, including general funds, other state funds, bonds, and federal funds.
Agriculture is Mississippi's number one industry, employing approximately 17.4% of the state's workforce either directly or indirectly. Agriculture in Mississippi is a 8.83 billion-dollar industry. There are approximately 34,700 farms in the state covering 10.4 million acres.
Mississippi's major sources of revenue are sales taxes, followed by personal and corporate income taxes, gasoline taxes, and gaming income. Local governments derive their greatest income from property taxes. Considerable amounts of federal monies are provided through numerous federal and state agencies.
Between fiscal years 2015 and 2016, total government spending in Mississippi increased by approximately $2.7 billionfrom $19.6 billion in fiscal year 2015 to an estimated $22.3 billion in 2016. This represents a 13.7-percent increase.
Among the states, Alaska had the highest per capita state and local spending in 2019 at $17,596, followed by New York ($15,667) and Wyoming ($15,107).
The general fund revenue is derived primarily from taxes on income and retail items.
