Gov. Phil Bryant announced his fourth budget cut to the current fiscal-year budget this afternoon. He will cut over $20 million from the state's budget, meaning a less than half percent cut for each state agency. He also pulled $39 million from the state's rainy day fund to plug budget holes, a letter to the state's fiscal officer Laura Jackson shows.
Gov. Bryant announced the news on his Facebook page today, shortly after the Joint Legislative Budget Committee met to adjust their revenue estimates, decreasing anticipated revenue projections for the upcoming budget year, which must be finalized by Saturday night and starts July 1.
Lt. Gov. Tate Reeves told reporters after the meeting that revenue estimate change will make the budgeting process "even more challenging." Lawmakers will have to cut $174.6 million from the already reduced legislative budget office's proposed budget for fiscal-year 2018.
The state now has $240 million in its rainy day fund, which the governor has drawn from three times already this year as well as cutting agency budgets to keep the state's budget balanced in spite of lagging revenues.