Budget Cycle

Governor Submits Budget
November 15

Fiscal Year Begins
July 1 

Governor Signs Budget 
5 days after approval

Budget Links 

FY2024 (enacted)
FY2024 (proposed)
FY2023 (enacted)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)

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.

Enacted Budget Information

2023 Legislative Session Budget Summary 

Proposed Budget - Fiscal Year 2024

On November 15, Mississippi Governor Tate Reeves released his recommended budget for fiscal 2024. The proposal calls for $7.28 billion in general fund agency appropriations, a decrease of 9.4 percent from fiscal 2023. The decline is due to a decrease in Coronavirus Recovery Funds, the Capital Expense Fund, and the Gulf Coast Restoration Fund. General fund revenue estimates for fiscal 2024 total $6.35 billion, a 1.0 percent increase over the prior year amount of $6.29 billion.

Proposed Budget Highlights 

The budget highlights the governor’s key priorities for fiscal year 2024 including: eliminating the income tax; giving Mississippi children a first-rate education; lowering healthcare costs; building a high-quality workforce; and protecting the safety of Mississippians. Funding recommendations include:

Economic Proposals

  • Proposes eliminating the state income tax by immediately reducing the income tax to 4 percent and by an additional 1 percent each year over the next four years.
  • Invests $16 million in general funds to double the number of career coaches to 160 to help achieve the goal of placing at least one career coach in every school district across the state.
  • Funds $100 million from the Capital Expenses Fund to further strengthen efforts to increase more project-ready sites across Mississippi.

Education Proposals

  • $2 million to encourage cross-district coordination and virtual learning by creating a grant program to assist schools in upgrading technology and infrastructure.
  • $1 million toward computer science initiatives to bolster students’ education.
  • $3 million to expand the Education Scholarship Account to include kids in foster care.
  • $5 million to create a Patriotic Education Fund to be administered by the Mississippi Department of Education to develop new courses, after-school programs, and other innovative offerings related to civic education.

Healthcare Proposals

  • Proposes establishing a childcare tax credit and allowing families to be able to write off childcare supplies on state tax returns.
  • Proposes increasing the Pregnancy Resource Center tax credit to $7 million.
  • Allocates $3 million to increase the number of full-time attorneys at the Mississippi Department of Child Protection Services to reduce adoption backlogs.
  • Allocates $12 million to increase financial support for adoptive parents.
  • Proposes an increase to the payment rate for residency programs at hospitals to help increase the number of medical professionals.
  • Allocates $1.6 million to open an additional crisis stabilization center and $2 million to provide additional mental health services in the state.

Public Safety Proposals

  • Increase the budget for Capitol Police by $4.56 million to fund salaries, patrol cars, and equipment for 150 Capitol Police officers.
  • Allocate $5 million to rollout a new School Safety Guardian Program across 450 schools to train guardians to provide armed intervention in the event of an active shooter threat.