Bryant Announces More Cuts As Future Budget Takes Hit

JACKSON, Miss. (WCBI-TV) – In two separate developments announced Friday, the current state budget in Mississippi will be shrinking and members of the legislature will have less money to work with in the upcoming fiscal year.

EMERGENCY CUTS

Governor Phil Bryant made another emergency cut Friday as revenue totals for the state continue to fall short. This, the fourth cut of the fiscal year, is the smallest: $20 million. It will trim most state agencies’ budgets by about 0.5 percent.

Bryant says the state will also take more from its so-called “rainy day fund,” up to nearly $40 million, to make sure the state can pay its bills through June.

Bryant’s cuts to this year’s budget total more than $170 million. He made a 1.6-percent cut in September, a cut of more than $50 million in January and a $43 million cut last month. Around a third of those cuts came after he announced a $57 million accounting error lawmakers made before the fiscal year began.

He has also taken the maximum $50 million from the emergency savings account. If he wants to take more, he’ll need the legislature’s permission.

This year’s budget is roughly $6 billion.

ESTIMATES FALL SHORT

Earlier in the day Friday, lawmakers found out they’ll have less money to work with when hammering out the budget for next fiscal year, which they’re supposed to finalize by Saturday.

Legislative leaders announced revenue estimates that include a cut of $175 million. That puts the budget at $5.6 billion for fiscal year ’18.

Many state agencies will likely pay the price.

Leaders in Jackson have had two main points for why revenue is lagging: tax cuts and the economy isn’t growing as fast as some projected.

Experts say education funding and road repairs are at risk of receiving less funding than what legislators had been planning on.