State budget better, but still not in great shape

By: The Associated Press
By: The Associated Press

Michigan's state government budget crunch shouldn't be nearly as bad this year as it was in the recent past.

But after a Friday meeting of some of the state's top fiscal analysts, it appears the budget may not yet be completely out of trouble. The problem is a struggling economy that could cut into tax revenues well into 2009.

The budget for the fiscal year that started in October may not have a deficit of any substantial size, thanks in large part to recent tax increases.

A roughly $350 million dollar surplus from last fiscal year could fill a revenue shortfall now projected for this fiscal year.

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