MI Surplus Expectation Falls Short

Revenue experts with the Snyder administration and the Michigan Legislature have announced that incoming tax revenue for the current fiscal year will be 317 million dollars lower than what was expected in January, down by just over a quarter of a billion dollars in the general fund this year, and the rest in the School Aid Fund. As for 2014-2015, revenue estimates are reduced by 300 million dollars, with 220 million of that in the General Fund and just under 80 million in the School Aid Fund. Officials say the reductions are the result of several factors, including: April income tax payments that were lower than expected, revised Michigan Business Tax credit information, newly enacted policy changes to some tax collection procedures and the severe winter weather.