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Mon May 14, 2012
Report: State of Michigan collecting more tax revenues than predicted
A new report says Michigan is collecting more in tax revenues than previous guessed.
The state House Fiscal Agency reports that revenues in the General Fund and School Aid Fund are running nearly 200 million dollars higher than previously estimated for this fiscal year.
The agency predicts revenues will also be slightly higher in the next fiscal year.
“General Fund revenues are fluctuating more than school aid. It does appear at this time that there may be more money in school aid,” says Ari Adler, the spokesman for House Speaker Jase Bolger. “But again, these are revenue estimates. We’ll know more on Wednesday when they have the final Revenue Estimating conference for this year. And we can get a better handle on how much money we’re expected to have.”
Adler says legislative leaders hope to pass a budget for next year by the end of the month. The next fiscal year begins October 1st.