State Revenue Less Than Projections

It appears legislators in Lansing may have to rethink some of the state budget. That’s because the House Fiscal Agency has issued a report saying the state will bring in a lot less in revenue than officials estimated just four months ago. At that time, a budget surplus was estimated at nearly a billion dollars. But because of the revenue decline, much of that surplus may have disappeared. Estimated revenue is down 422 million dollars this year and about 450 million dollars next fiscal year, which begins October 1st. The report will be formally presented at the May revenue estimating conference this week in Lansing. A Senate Fiscal Agency report will be released today.