HATTIESBURG, MS. (WDAM) - Mississippi's Treasurer, Tate Reeves weighed in on the economy and the potential financial impact of the Gulf oil crisis at Boys State Wednesday.
At Southern Miss's Bennett Auditorium, Reeves said at this point, it is very difficult to determine how much of an economic hit to the state the oil spill will deal.
However, he said coast tourism is being affected with hotel cancellations. Reeves also addressed a recent report that said May sales tax revenues were down from original estimates by about twelve and a half percent.
He said that's been happening all year due to the tough economy, but there is some good news.
"I would project now that the Governor's latest round which was many months ago will be the last for this fiscal year. It seems like our revised revenue estimate is going to hold up and that the nine and a half percent across the board budget cuts will be the last for fiscal year 2010," said Reeves.
Reeves said for fiscal year 2011, state revenue projections are expected to remain flat. Meaning the economy isn't projected to improve or worsen.