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Economy

Michigan fiscal agency finds state revenue higher than expected

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Andrew Magill
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Michigan's Senate Fiscal Agency suggests strong tax collection and lower-than-expected tax refunds to businesses are responsible for higher-than-expected state revenues.

A new report found Michigan brought in more money over the last fiscal year than previously expected.

The numbers from the state Senate Fiscal Agency report, titled "Michigan’s Economic Outlook and Budget Review" say Michigan’s revenue was $2.7 billion higher than a previous estimate.

The report says the change was due to strong tax collection and lower-than-expected tax refunds to businesses.

The economic outlook also projected revenue for fiscal year 2022 to be $1.4 billion more than predicted.

But the high numbers are not assured. The report listed the COVID-19 pandemic as an ongoing budgetary risk.

The analysis is among the first steps to drawing up the next fiscal year's budget. The Senate Fiscal Agency, House Fiscal Agency and state treasurer will hold a conference Friday to come up with agreed-upon revenue numbers that the governor will then use to create her budget proposal.

A conference held in May will reach consensus estimates that will be part of a final revenue forecast and year-end balance estimates report.

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