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State revenue projections lower than expected

Revenues for the State of Michigan will miss projections.


Expect state revenues to fall short of previous estimates by $883-million this year and $1.8-billion next year.


State Treasurer Rachel Eubanks says the change is a result of intentional policy changes and the economy "continues to perform really well."


Governor Whitmer's proposed $79-billion budget, Michigan's highest ever, might need a trim to accommodate the new revenue projections, according to State Budget Director Chris Harkins.


High revenues automatically triggered an income tax rate reduction. However, the state's coffers are still pretty full. Harkins expects the state to finish this fiscal year, ending October, with a $7.5-billion surplus.

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