Michigan Revenue Off?
Just a day before the House Fiscal Agency releases its annual revenue projections, word that any surplus might have been greatly exaggerated.
MLive.com is reporting today that the state surplus, said originally to be nearly 1 billion dollars, could be cut nearly in half.
Many had debated how the additional money generated should be used. Some wanted most of the revenue to go to fixing roads, others wanted more money for education, and others wanted a return to taxpayers.
Those ideas now appear to be in doubt.
The article says the analysts project that the general fund tax collections will drop some $250 million in the current fiscal year but increase by nearly double that in 2015. Despite that increase, the numbers are still off of estimates.
Additional analysis is ongoing and state officials say the numbers could be adjusted yet again before Thursday's revenue estimating conference.
State officials say Michigan is not alone in the hard reality of declining revenues. States like Vermont and Kansas have seen similar declines.
State House Republican spokesperson Ari Adler cautions against jumping to conclusions. "We are a peninsula, not an island," he said. "We're not going to make any kind of snap decisions in regard to the budget. Whatever we do will be based around solid numbers."
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