Michigan’s revenue is up in the latest monthly financial report from the State Budget Office.
The report looks at state spending and revenue during the first two months of the fiscal year.
Through October and November, the state’s General, School Aid, and Transportation funds were up by around $445 million compared to a year earlier.
Much of that is due to higher collections among property, income, and corporate income taxes.
The numbers are welcome news for state budget officials, who predicted the current fiscal year to outpace the previous one when it came to revenue projections.
“Michigan’s economy is strong and stable. We look forward to putting out a budget in early February that will make a real difference in the lives of Michiganders across the state and working with leaders in both parties to enact a budget by the July 1 deadline,” State Budget Director Jen Flood said in a statement about the new monthly report.
On Friday, January 10, policymakers will be in Lansing for the January Consensus Revenue Estimating Conference. That’s when they’ll agree on how much the state could have to work with when proposals for the next budget come out in the coming months.
