By AP
Lansing, MI – LANSING, Mich. (AP)
Michigan's economic difficulties are worse than state analysts expected just a few months ago. That's creating more bad news for the state budget situation because of declining tax revenues. The latest report came Wednesday from the Senate Fiscal Agency.
The nonpartisan agency expects revenues are falling fast enough to fuel a projected budget shortfall of more than $2 billion for the fiscal year that starts in October. The state still is implementing plans to deal with a $1.3 billion shortfall in the current budget year.
A more complete picture of the state's budget situation will be determined Friday when state economists get together for an official revenue estimating conference.