By law, the governor must ensure that the state’s budget is balanced at all costs. Bryant made two mid-year budget cuts to offset deficits in this fiscal year that ends June 30. He also pulled twice from the state’s Rainy Day Fund. This totaled $45.2 million. The fund has $349.7million remaining. The state law limits the amount that a governor can draw from this fund to $50 million per fiscal year. Bryant will have to call Jackson lawmakers for a special session to allow him to draw additional funds if the state needs more than $4.8million from the Rainy Day Fund to make it in the black this month. Bryant, who is the only official in the state with the authority to call special sessions, suggested that lawmakers could be called back to the Capitol dome to discuss the budget. Additional budget cuts are unlikely just 15 days before the fiscal year ends. Darrin Webb, State Economist, stated Tuesday that it looks like we are going to be really short. “As we approach the end, the governor’s will have to make an important decision and say, ‘We are going to miss it.’ Webb stated that the governor will have to determine how short the state will be at the end. Unpaid bills and unpaid services will make it difficult to estimate how much money the state needs at the end June. This could lead to legislators giving the governor more spending power than necessary. Webb stated that Bryant might be able to withdraw $100 million from the fund, even though $50 million is required. Webb stated that “they may give him an enormous number so we’ll end the year balanced.” In recent weeks, Mississippi Democrats, including House Minority Leader Rep. David Baria (D-Bay St. Louis), have publicly asked Bryant to call a special session in order to address budget concerns both for this fiscal year and the next. Baria stated that the governor must call a special session immediately to address this budget crisis. “This is the only way to stop the runaway train and restore fiscal stability.” Bryant’s office didn’t respond to requests for comment about a possible special session. The Legislative Budget Office released Wednesday’s report to shed more light on state budget woes. The report shows that the state has a balanced budget for the current fiscal year. It breaks down cash on-hand and expenditures over this past year. The report shows that the state will have $61.5million in the bank, which can be transferred to the next fiscal year. The report also includes revenue projections for June. Lt. Governor. Tate Reeves stated that Mississippi must generate between $725 and 750 million in June revenues to balance its state budget. This would be a 13 year-old record. According to a Department of Revenue document, Mississippi Today found that the state had $887.8 Million in uncollected revenue for the year ending June 2015, based on initial revenue estimates back in April 2015. However, revenue estimates have been revised downward twice since April 2015. The state also received one-time funds such as a settlement with the Attorney General’s Office and Gov. Phil Bryant made two mid-year budget cuts. Bryant also took $45.2 million this fiscal year from the Rainy Day Fund. The state had $203 million less going into June 2016 when these revisions were incorporated into its 2016 budget. In addition, $54 million more will be transferred to the general fund by the state due to a controversial April law that included fees and assessments from special fund agencies. Reeves spokesperson Laura Hipp said that $54 million represents money taken from these assessments and fees, but not used by the end the fiscal year. Under the new law, moneys will be swept into general fund for 17 state agencies that were previously designated special fund agencies. The law has been criticized by agency heads who claim that the cash they have at their disposal should be kept in their departments and not transferred to the general fund. Bryant is not yet clear when he might call a special session. Reeves repeatedly stated that he doesn’t believe a special session was necessary this year. Any budget concerns can be addressed at the 2017 regular session, which takes place in January. To support this important work, you can make a regular donation to the Spring Member Drive today. Our reporters give a human face to policy’s impact on everyday Mississippians by listening more closely and understanding their communities. To ensure that our work is aligned with the priorities and needs of Mississippians, we are listening to you. Click the button below to let us know what you think. Republish this Story