Agency: Michigan to get $422M less than expected
Wed, 14 May 2014 11:29:15 GMT —
Economists are projecting that the state of Michigan will collect about $873 million less in revenue this budget year and next than was projected earlier in the year.
Tuesday's estimate is one of three that Gov. Rick Snyder's administration and budget experts will use to reach a consensus later in the week. But it's not good news for lawmakers hoping to finalize the next budget in coming weeks.
The nonpartisan House Fiscal Agency projects that Michigan will take in $422 million less than expected this fiscal year and $451 million less in the year starting in October. In January, economists agreed the state had a $1 billion surplus over three fiscal years.