STATE GOVERNMENT FINANCES
(Amounts are in thousands.  Per capita in dollars.)

                                                      Percent           Per
MISSISSIPPI                                  1994 Distribution       capita

Population (thousands)                      2,669           -             -
Total Revenue                           7,696,865       100.0%     2,883.80
  General revenue                       6,607,121        85.8%     2,475.50
    Intergovernmental revenue           2,494,417        32.4%       934.59
    Taxes                               3,325,387        43.2%     1,245.93
      General sales                     1,586,879        20.6%       594.56
      Selective sales                     655,481         8.5%       245.59
      License taxes                       210,330         2.7%        78.80
      Individual income                   637,637         8.3%       238.90
      Corporation net income              167,873         2.2%        62.90
      Other taxes                          67,187         0.9%        25.17
    Current charges                       569,582         7.4%       213.41
    Miscellaneous general revenue         217,735         2.8%        81.58
  Utility revenue                               0         0.0%         0.00
  Liquor stores revenue                   129,343         1.7%        48.46
  Insurance trust revenue                 960,401        12.5%       359.84

Total Expenditure                       6,796,348       100.0%     2,546.40
  Intergovernmental expenditure         2,070,637        30.5%       775.81
  Direct expenditure                    4,725,711        69.5%     1,770.59
    Current operation                   3,399,050        50.0%     1,273.53
    Capital outlay                        546,155         8.0%       204.63
    Insurance benefits and repayments     515,357         7.6%       193.09
    Assistance and subsidies              145,187         2.1%        54.40
    Interest on debt                      119,962         1.8%        44.95
Exhibit:  Salaries and wages            1,049,703        15.4%       393.29

Total expenditure                       6,796,348       100.0%     2,546.40
  General expenditure                   6,177,031        90.9%     2,314.36
        Intergovernmental expenditure   2,070,637        30.5%       775.81
        Direct expenditure              4,106,394        60.4%     1,538.55
  General expenditure, by function:
      Education                         2,284,893        33.6%       856.09
      Public welfare                    1,593,618        23.4%       597.08
      Hospitals                           278,084         4.1%       104.19
      Health                              184,112         2.7%        68.98
      Highways                            560,284         8.2%       209.92
      Police protection                    42,014         0.6%        15.74
      Correction                          103,383         1.5%        38.73
      Natural resources                   149,779         2.2%        56.12
      Parks and recreation                 59,293         0.9%        22.22
      Governmental administration         155,208         2.3%        58.15
      Interest on general debt            119,962         1.8%        44.95
      Other and unallocable               646,463         9.5%       242.21
  Utility expenditure                           0         0.0%         0.00
  Liquor stores expenditure               103,960         1.5%        38.95
  Insurance trust expenditure             515,357         7.6%       193.09

Debt at end of fiscal year              2,066,203       100.0%       774.15

Cash and Security Holdings             11,687,414       100.0%     4,378.95