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September Revenue Report Shows Mixed Bag
The
Senate Fiscal Agency released September revenue numbers early this week,
showing a mixed bag of above-estimate revenue in some cases, but below-estimate
numbers overall. Revenue to the General Fund and School Aid Fund totaled $2.3
billion for the month, below the month’s estimates from May’s revenue
estimating conference – but still 2.3 percent ahead of September 2013 numbers.
General
Fund revenue was $45.2 million above estimates while School Aid Fund revenue
was $52.6 million below forecasts. Year-to-date, both General Fund and School
Aid Fund revenues are below estimates. The General Fund is $30.7 million short
and the School Aid Fund is $54.5 million short.
Combined
revenue from the state’s Corporate Income Tax (CIT) and its predecessor taxes
(Single Business Tax and Michigan Business Tax) was $126.6 million for the
month - $37.3 million ahead of estimates.
posted by PAA Online
,
Friday, October 17, 2014
10:10 AM
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