Register for Your Chance to Win up to $2,529 in MACS Scholarships
Registration has just opened for the third annual College Savings Mississippi Egg Bowl Tuition Toss. Entry is open to students between the ages of 18 and 24 enrolled at one of Mississippi’s public four-year universities. Two entrants will be chosen at random to compete at halftime during the Egg Bowl on November 23, 2017 in Starkville, Mississippi.

The student that throws the most footballs through a target in 30 seconds will win a $2,529 MACS (Mississippi Affordable College Savings) scholarship. The runner-up will also win a MACS scholarship. Registration is only open until 11:45 pm on November 10, 2017. And, contestants are responsible for their own ticket to the Egg Bowl. For all the official rules, visit my website here . You can find the entry form here .
Treasurer Fitch Provides Debt Service Report to Legislature
On September 21-22, the Joint Legislative Budget Committee held hearings for a select group of agencies to discuss the Fiscal Year 2019 budget. I presented the legislators with a report on the budget request for the State’s debt service, which is the third largest item in the State budget. My office estimates that in Fiscal Year 2019, which will run July 1, 2018 to June 30, 2019, Mississippi will need $489,111,463 to pay back principal and interest on previously borrowed funds.

You can read the full report here , including suggested action the Legislature could take, but highlights include:

  • Special funds, which are not counted in the regular general funds budget and were set aside specifically to pay debt service, have been depleted by over-use in previous years. As a result, the State lacks the capacity for short-term borrowing and must borrow from banks, where taxpayers must pay fees and interest.

  • Conservatively budgeting for debt service reduces the chance that deficit appropriations will be necessary. In the past two years, the Bond Commission has helped make up deficits in debt service funding by specifically structuring bond deals to achieve savings in that fiscal year. This forces the State to prioritize the timing of the savings over the savings themselves, potentially at a loss to taxpayers.

  • There is a strong need for some debt clean-up in the coming year. As of June 30, 2017, the list of debt previously authorized by the Legislature but not yet issued by the Bond Commission tops $1 billion. This is for the State what your credit limit is for your personal credit. At any given time, these authorized projects could come forward for their funding adding another billion dollars of debt to the State’s bottom line. 

  • Similarly, there is a list of over $590 million in funding that has been issued but not yet used by the entities requesting it. Taxpayers are paying interest on this debt, some of which reaches back to the 1990s.

  • According to Moody’s, every man, woman, and child in Mississippi carries a debt burden of $1,847, up from $1,707 last year.
Look for Your Unclaimed Property at the Mississippi State Fair
The State Fair starts this Wednesday, October 4 and runs through October 15. Our Unclaimed Property division will be there to help reunite you with your money. Just drop by to see if your name is on our unclaimed property list.

Since I took office as your Treasurer in January 2012, we have distributed $75 million in unclaimed property. That is 42% of all the money that has been distributed through this program since 1982. We take our responsibility to reunite Mississippians with their unclaimed funds very seriously. And, we have great partners in legislators, mayors, and others who search the lists in their areas to find people with unclaimed funds. If you haven’t looked recently, see if you can find your name here .  
Office of the Mississippi State Treasurer
Post Office Box 138
Jackson, Mississippi 39205
P: 601.359.3600 / F: 601.359.2001