Senate Fiscal Agency http://michiganradio.org en Michigan projected to get $542M more than expected http://michiganradio.org/post/michigan-projected-get-542m-more-expected <p>LANSING, Mich. (AP) - Michigan could take in $542 million more in revenue than projected 4 months ago.</p><p>That's according to a report Monday from the nonpartisan <a href="http://www.senate.michigan.gov/sfa/">Senate Fiscal Agency</a>. It's good news for lawmakers and Gov. Rick Snyder as they work to finalize a state budget for the fiscal year starting in October.<br><br>Senate experts say Michigan could have a $739 million surplus in the current budget year. The extra money could be used to boost spending, lower taxes or be socked away in savings.</p><p>The Snyder administration and economists are meeting Wednesday to agree on budget figures. The House Fiscal Agency and state treasurer also will put out revenue projections for the meeting.<br><br>Legislators aim to pass the next budget by June, though sticking points remain over Medicaid expansion and road funding.</p><p> Tue, 14 May 2013 15:06:10 +0000 The Associated Press 12556 at http://michiganradio.org Michigan projected to get $542M more than expected U of M economist projects moderate, sustained economic growth for Michigan http://michiganradio.org/post/u-m-economist-projects-moderate-sustained-economic-growth-michigan <p>Over the next two years, the state of Michigan should recover about 40 percent of jobs lost during a nearly decade-long recession, says one University of Michigan economics professor.</p><p>George Fulton, director of the Research Seminar in Quantitative Economics, told a group of state officials that Michigan is expected to enter its fourth year of a moderate but sustained economic recovery.</p><p>Speaking at the state’s biannual revenue-estimating conference Friday, Fulton said Michigan still has progress to make.</p> Fri, 11 Jan 2013 19:31:28 +0000 Rick Pluta & Michigan Radio Newsroom 10726 at http://michiganradio.org U of M economist projects moderate, sustained economic growth for Michigan State revenue projections continue to climb http://michiganradio.org/post/state-revenue-projections-continue-climb <p>The state is bringing in more money than expected. That&rsquo;s according to a&nbsp;<a href="http://www.senate.michigan.gov/sfa/Publications/BudUpdates/EconomicOutlookDec11.pdf">report&nbsp;</a>by the non-partisan Senate Fiscal Agency.</p><p>The agency says Michigan ended the fiscal year that ended September 30<sup>th</sup> with a $1.3 billion&nbsp;surplus. An improving economy and lower income tax refunds are largely credited for the surplus. But much of the windfall has already been dedicated to programs in the current fiscal year.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p><p>David Zin is an economist with the Senate Fiscal Agency. He says the auto industry still has a major impact on the state&rsquo;s economy.</p><p>&ldquo;People cut back so much on vehicle purchases in the 2008-9 recession, that while sales are low by historical standards, they&rsquo;re up quite significantly from just a year or two ago,&rdquo; Zin said.</p><p>Zin says the state collected more tax revenue in 20-11 than projected last year. He says the economy is not expected to grow quickly over the next couple years. Tue, 03 Jan 2012 22:21:36 +0000 Laura Weber 5621 at http://michiganradio.org