August 14, 2020

Governor says Mississippi’s piggy bank full at nearly $555 million

Mississippi Gov. Phil Bryant says the state’s cash reserves are at their highest level ever.

The Republican said Friday that the state Department of Finance and Administration has transferred just over $205 million into the state rainy day fund.

The money was the unspent surplus for state government for the budget year that ended June 30.

With the transfer, the rainy day fund has hit its limit, by law, of $554.8 million.

Bryant said on Twitter that the amount of money in the fund is “the most in Mississippi’s history.”

Republicans who lead the budget-writing process in the Legislature say conservative spending practices led to the surplus that filled the rainy day fund.

Critics say Mississippi government is underfunding education, health care and other core services.