Enacted Budget – Fiscal Year 2025
In May, Mississippi Governor Tate Reeves signed a series of bills making up the state budget for fiscal 2025, which authorizes $7.87 billion in state support funds, a decrease of $184 million, or 2.3 percent, from fiscal 2024. General fund appropriations total $7.03 billion in fiscal 2025, an increase of $329 million, or 4.9 percent, over fiscal 2024. General fund revenues are projected at $7.6 billion, a 1.01 percent increase from the current year. The budget sets aside 2 percent of projected revenue, or $152 million, as required by law. The legislature retained $1.67 billion in reserve funds that is available to address a shortfall in revenues or fiscal 2025 deficits.
The budget includes continued funding of the State Employee Compensation Plan which provides vacancy funding and salary progression funding at each State Personnel Board agency. Funding was also provided for a 2 percent pay increase for staff at non-State Personnel Board agencies, Institutions of Higher Learning faculty and staff, and Community and Junior Colleges faculty and staff. Other items in the budget include $195 million to fully fund the Mississippi Student Funding Formula, a $24.6 million increase to the Department of Corrections for increases in medical programs and to repair doors and locks at several prisons, $3.1 million to Capitol Police for 37 additional officers, and $15 million to the Public Employees Retirement System to provide a 0.5 percent increase in the employer’s contribution rate.