1.11.17: Michigan revenues are higher than projected previously
LANSING, Mich. (AP) — Tax revenues used to fund Michigan’s state budget are coming in higher than projected eight months ago.
The nonpartisan House Fiscal Agency said Tuesday that revenues in the state’s two largest funds are a combined $484 million more than expected over three budget years. Its Senate counterpart in December projected the state will take in a combined $377 million more than expected in the last fiscal year, the current one and the next budget cycle.
Gov. Rick Snyder’s administration and legislative economists will use the numbers to reach a consensus estimate Thursday. The Republican governor will unveil his budget in February.
Senate experts say much of the revenue increase for the fiscal year that ended in the fall can be attributed to one-time bumps that are unlikely to carry forward.