View Comments
Lansing Michigan has about $2 billion more in revenue than initially expected for this fiscal year, state fiscal leaders concluded Friday, thanks in large part to federal stimulus dollars and increased consumer spending on goods.
Budget experts also adjusted expected revenue for the fiscal year 2022 budget upwards from January estimates by $1.5 billion at the Consensus Revenue Estimating Conference. There has just been an incredible amount of federal income support over the past 13 months, and that’s played a big role in our forecast, said Jim Stansell, senior economist for the House Fiscal Agency.
The meeting came a day after the GOP-led Legislature and Gov. Gretchen Whitmer agreed to begin working together on the state budget and distribute billions of dollars in federal COVID-19 relief funding, some of which dates back to December.
Federal stimulus, more online shopping means $1.2B more tax revenue for Michigan than expected
Updated Jan 16, 2021;
Facebook Share
Federal funding and a big boost from online consumer spending filled Michigan’s coffers with more money than initially expected but experts warned the deep economic impacts of the COVID-19 pandemic will still likely be felt for years.
The Michigan Department of Treasury and the state House and Senate fiscal agencies projected Friday that the state will collect $24.3 billion in revenue for the general and school aid funds, up $1.2 billion from estimates made last August. For the 2021-2022 fiscal year, officials predicted combined revenues would total $25.3 billion, $874.8 million more than the previous projection.