Video: State Faces Further Funding Shortfall

JACKSON, Miss. (WCBI) – After a Legislative session that brought tax cuts and a Governor’s order to make budget cuts in most state agencies, The state’s finances take another hit.

Legislative leaders say they overestimated tax collections for the upcoming budget year.

That mistake could mean a shortfall of  $56.8 million.

Lieutenant Governor Tate Reeves and House Speaker Phillip Gunn say there are no immediate plans to address the shortage.

Reeves and Gunn say there is a chance that tax collections could exceed expectations between July and December.

If not legislators could deal with the situation in next year’s session, or another round of budget cuts could be ordered.