Post by Logan on May 16, 2017 14:06:58 GMT -6
LANSING — Finalizing the 2018 state budget just got a little more complicated for state lawmakers.
The state's main checking account — the general fund — continues to grow, but it's growing at a slower rate than officials estimated as recently as January, the House and Senate fiscal agencies said in reports released late Monday.
Due mostly to lower-than-anticipated personal and corporate income tax revenues, state general fund revenues for the 2017 and 2018 fiscal years will be $377 million lower than estimated in January, the House Fiscal Agency said.
The Senate Fiscal Agency had a more pessimistic outlook — pegging the two-year decline at $492 million.
Read more: www.freep.com/story/news/local/michigan/2017/05/16/michigans-budget-status-just-got-complicated/324476001/
The state's main checking account — the general fund — continues to grow, but it's growing at a slower rate than officials estimated as recently as January, the House and Senate fiscal agencies said in reports released late Monday.
Due mostly to lower-than-anticipated personal and corporate income tax revenues, state general fund revenues for the 2017 and 2018 fiscal years will be $377 million lower than estimated in January, the House Fiscal Agency said.
The Senate Fiscal Agency had a more pessimistic outlook — pegging the two-year decline at $492 million.
Read more: www.freep.com/story/news/local/michigan/2017/05/16/michigans-budget-status-just-got-complicated/324476001/