June Revenue Beats Expectations – Still Down from 2012

Sales Tax, Michigan Business Tax, and Individual Income Tax revenues for June played the most significant role in bringing the month’s overall revenue in almost $100 million above the level expected based on the May consensus revenue estimating numbers. Even so, the total General Fund and School Aid Fund amounts of $1.8 billion are 0.5 percent below 2012 numbers.

General Fund revenue was roughly $74.5 million ahead of June expectations, while School Aid revenue collections were nearly $20 million ahead of pace. Another $5 million in excess revenue was directed to other funds such as revenue sharing.

Most significant for June were the Individual Income Tax and Sales and Use Tax numbers. The $795.5 million in Individual Income Tax revenue for June was $34 million higher than expected, and 7.3 percent higher than the same for June 2012. Sales Tax revenues were up 1.8 percent over June of 2012, to $586.6 million.

Also interesting were the numbers related to the now-repealed Michigan Business Tax (MBT). Revenue for June 2013 was a negative $23.2 million, but still $30.2 million above the expected level.

posted by PAA Online , Friday, July 12, 2013 10:43 AM
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