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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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The Legislature’s Intervention with Budget Reform

The Legislature’s Intervention with Budget Reform

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

Brian Pugh

University Press of Mississippi

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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