Enacted Budget – Fiscal Year 2024
Mississippi finalized its fiscal 2024 budget in April, authorizing $7.6 billion in state support funds, a decrease $1.81 billion, or 19.2 percent, from fiscal 2023 due to a $1.8 billion reduction in Coronavirus State Fiscal Recovery Funds. General fund appropriations total $6.7 billion in fiscal 2024, an increase of $310 million, or 4.9 percent, over fiscal 2023. General fund revenues are projected at $7.52 billion, a 7.7 percent increase from the current year. The budget sets aside 2 percent of projected revenue, or $150 million, as required by law. The legislature retained $1.4 billion in reserve funds that is available to address shortfalls in revenues or fiscal 2024 deficits. The budget includes continued funding of the State Employee Compensation Plan which provides salary progression funding at each State Personnel Board agency along with funding for increases for staff at non-State Personnel Board agencies. Other items in the budget include $7 million in Capital Expense Funds to repair and renovate state parks; $7.2 million to the Division of Medicaid to extend postpartum coverage; an increase of $84 million to K-12 education; and $9.8 million to higher education for the Mississippi Dual Enrollment/Dual Credit Scholarship Program.