Governor calls special session to address budget gap - MSNewsNow.com - Jackson, MS

Governor calls special session to address budget gap

Source: WLBT Source: WLBT
JACKSON, MS (Mississippi News Now) -

Governor Phil Bryant has called a special session for Tuesday to deal with a shortfall in the 2016 budget. 

This legislation will authorize Gov. Bryant to transfer money from the state’s Working Cash Stabilization Reserve Fund into the General Fund to cover a small deficit in 2016 fiscal year's budget.

“Disciplined and conservative spending by Republican leadership the last five legislative sessions has left the Rainy Day Fund in the perfect position to fill the small deficit in the FY16 budget,” Gov. Bryant said. “I would urge lawmakers to complete their work quickly, to keep taxpayers’ costs as low as possible.”

The session will start at 10 a.m.

"Unfortunately, revenue has not come in to the degree projected," said Speaker of the House Philip Gunn. "This is not the first time this has happened, and it will not be the last time. Due to Republican leadership, we have $364 million set aside in the state's Rainy Day Fund. The sole purpose of the Rainy Day Fund is to be used to assist in situations like this. 

"We are talking about one percent of the overall approximated $6.3 billion budget. To put this in perspective: if someone makes $30,000 a year, we are talking about a shortfall of $300. I am thankful the governor, the lieutenant governor and the conservative leadership have taken measures through the years to ensure our preparedness to handle this." 

"Because Republicans have been fiscally responsible over the past five years, Mississippi has a larger balance in its Rainy Day Fund in FY 2016 than at any time in our state's history,” Lt. Gov. Tate Reeves said. “It appears the revenue estimate adopted by the state's fiscal experts for FY 2016 will come up short by some amount less than 1 percent of our overall operating budget. Gov. Bryant, Speaker Gunn and I agree that the best way to address this shortfall is through a transfer from the Working Cash Stabilization Reserve Fund, and I expect this to be quickly resolved in the special session to minimize costs for taxpayers.”

Copyright 2016 MSNewsNow. All rights reserved.

Powered by Frankly