Estimate: Michigan has $616M less than planned

By: Associated Press
By: Associated Press

LANSING, Mich.--- Michigan budget experts agree that state government will have $616 million less than projected to spend over two fiscal years.

The consensus estimate released Thursday will be used by Gov. Rick Snyder and lawmakers to finalize the next state spending plan in coming weeks.

The drop in expected revenue is being blamed on higher income tax refunds, businesses cashing in old tax credits and a law making it harder to collect delinquent corporate taxes from corporate officers. Economic growth stalled in the first quarter of the year, but economists expect the economy to pick up with improved weather.

With less to spend than expected, legislators could have to curtail planned funding increases. They hope to finish the 2014-15 budget by late May or early June.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 259470571 - wndu.com/a?a=259470571