Senate Fiscal Agency updates revenue projections
A new report says 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 is due to strong tax collection and lower-than-expected tax refunds to businesses.
The economic outlook also projects revenue for FY22 to be $1.4 billion more than predicted.
But the high numbers are not assured. The report lists the COVID-19 pandemic as an ongoing budgetary risk.
The SFA analysis is among the first steps to drawing up the FY23 budget. The SFA, 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 come up with consensus estimates that will be part of a final revenue forecast and year-end balance estimates report.