State Revenue Collections Down

Michigan saw total revenue collections of $1.5 billion in May, a drop of 2.6 percent from May 2013. According to figures released by the Senate Fiscal Agency that’s $15.4 million less than the May Revenue Estimating Conference forecast. So far for the 2013-14 fiscal year, the state has raised not quite $10.8 billion, 4.4 percent less than the total raised for the same time a year ago. The state will collect revenues for the 2013-14 fiscal year through October. While a number of the state’s largest taxes showed increases during the month, some still fell short of projections. The sales tax, however, was down for the month, and so far is dead even on collections for this fiscal year with last year.