Gov. Haley Barbour on Monday said Mississippi’s revenue collections continue to lag budget projections and year-to-year comparisons.
Revenues for October were $28.5 million, or 6.74%, below collections in October 2008. Revenues for the first four months of fiscal 2010 were $111.7 million, or 7.5%, below estimates.
On Oct. 13, Barbour notified state agency heads to prepare for additional budget cuts. He also said revenue shortfalls could be even worse in fiscal 2011.
The governor ordered agency heads to provide him with a complete listing of all services provided, including how much money is spent on each service, the source of funds used to pay for each service, and the amount of funds used for administrative purposes. He also asked agency heads to include a ranking of services from most essential to least essential.
On Oct. 15, Mississippi sold $335.7 million of taxable general obligation Series 2009D bonds, $120 million of taxable Series E bonds, and $162.7 million of Series F refunding bonds, The Series D bonds priced to yield 1.53% in 2011, 4.63% in 2020, and 5.53% in 2029.
The state has $3.4 billion of GO debt outstanding that is rated AA by Fitch Ratings and Standard & Poor’s, and Aa3 by Moody’s Investors Service.
