Report: Michigan revenues above previous estimate

AP News

1/3/2012 4:47:02 PM - AP News

Another report suggests that Michigan's state government is taking in more money than previously expected.

The nonpartisan Senate Fiscal Agency projects that the state's general and school aid funds will bring in a combined $19.8 billion for the fiscal year that began in Oct. 1. That's about $393 million more than state fiscal analysts projected last May.

The report dated last week will be one of those used by state officials to come up with a consensus revenue forecast on Jan. 13.

The state will have a surplus from the fiscal year that ended Sept. 30. The balance could top $1 billion, but some of it already is committed to be spent during the current fiscal year.

The Senate Fiscal Agency projects slower economic growth during the current fiscal year.