UPDATE: State ends fiscal year with money in the bank

JACKSON — The state of Mississippi ended the fiscal year on Wednesday with an estimated $50 million to $60 million in the bank.

However, Gov. Haley Barbour says the money won’t be used to restore cuts he had to make during the fiscal year.

Barbour says the money will be crucial to the budget process for the fiscal year that begins July 1, 2011. He said the budgetary process will be compounded with the loss of federal stimulus money.

Although the state was in the black at the end of the fiscal year, Barbour says June collections were $54 million below the estimate. Overall during the fiscal year that ended Wednesday, collections were $405.4 million less than originally budgeted.

Barbour says he made spending cuts five times during the fiscal year which kept the budget balanced.

The Associated Press

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