Agencies: Michigan revenues below earlier estimates - WNEM TV 5

Agencies: Michigan revenues below earlier estimates

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LANSING, MI (AP) -

Gov. Rick Snyder and lawmakers may need to trim Michigan's next spending plan after seeing revised tax revenue forecasts.

The House and Senate fiscal agencies projected Friday that revenues could be $149 to $200 million less this fiscal year than projected in January. Revenues may be $177 to $305 million below an earlier estimate for the next budget year.

State officials will meet Tuesday to set revised estimates that are needed before legislators can finalize the 2016-17 budget in coming weeks. The Legislature also is considering more spending for Flint, whose residents continue enduring a lead-contaminated water emergency.

The fiscal agencies say employment and personal income growth is boosting tax revenues, but not as much as expected months ago because of slow growth in retail sales and declining corporate profits.

Copyright 2016 Associated Press. All rights reserved.

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