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Chaos and CompromiseThe Evolution of the Mississippi Budgeting Process$
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Brian A. Pugh

Print publication date: 2020

Print ISBN-13: 9781496830197

Published to University Press of Mississippi: May 2021

DOI: 10.14325/mississippi/9781496830197.001.0001

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PRINTED FROM Mississippi SCHOLARSHIP ONLINE (www.mississippi.universitypressscholarship.com). (c) Copyright University Press of Mississippi, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MSSO for personal use.date: 02 December 2021

The Legislature’s Intervention with Budget Reform

The Legislature’s Intervention with Budget Reform

Chapter:
(p.51) Chapter 5 The Legislature’s Intervention with Budget Reform
Source:
Chaos and Compromise
Author(s):

Brian Pugh

Publisher:
University Press of Mississippi
DOI:10.14325/mississippi/9781496830197.003.0005

Chapter 5 discusses the legislature’s response to the budget problems that occurred at the end of the Mabus administration. The legislature grew frustrated with the unrealistic revenue forecasting used to construct the state’s budget and responded by passing the Budget Reform Act of 1992 in order to strengthen the budget process. The reform act created a proper reserve fund known as the Working Cash-Stabilization Reserve Fund (Rainy Day Fund). The act also created a revenue 2 percent set-aside requirement as a cushion.

Keywords:   Revenue Forecasting, Budget Reform Act of 1992, Rainy Day Fund, Working Cash-Stabilization Reserve Fund, 2 percent set-aside

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