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Tue May 15, 2012
Projections: Less money for Michigan in next fiscal year
LANSING, Mich. (AP) - The House and Senate fiscal agencies have come out with their revenue estimates ahead of Wednesday's revenue estimating conference, and the news isn't all good.
Both say they expect the state general fund to take in less revenue in the fiscal year that starts Oct. 1 than it will this year as companies pay less money because of the business tax cut that took effect early this year.
They expect the drop to be bigger than they forecast in January.
Next fiscal year's school aid revenues may be slightly higher than forecast.
The directors of the House and Senate fiscal agencies will meet Wednesday with state Treasurer Andy Dillon to set revenue estimates lawmakers will use as they finish work on the budget for the upcoming year.
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