Treasury: Combined Michigan revenues $144M below estimates - WNEM TV 5

Treasury: Combined Michigan revenues $144M below estimates

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  • Michigan revenues this year, next are $333M below estimates

    Michigan revenues this year, next are $333M below estimates

    Tuesday, May 17 2016 12:41 PM EDT2016-05-17 16:41:33 GMT
    (Source: WNEM)(Source: WNEM)

    Michigan revenues are $333 million lower over this fiscal year and next than projected earlier, forcing Gov. Rick Snyder and lawmakers to scale back the spending plan that's been in the works for months.

    More >

    Michigan revenues are $333 million lower over this fiscal year and next than projected earlier, forcing Gov. Rick Snyder and lawmakers to scale back the spending plan that's been in the works for months.

    More >
LANSING, MI (AP) -

Gov. Rick Snyder's administration projects tax revenues are coming in lower than expected but not as low as what is estimated by legislative economists.

The Michigan Department of Treasury said Tuesday that general and school aid fund revenues will be $122 million less this fiscal year than projected in January. The funds are expected to dip $22 million below a previous estimate for the next budget year.

Snyder's numbers are more optimistic than House and Senate fiscal agency figures.

They have projected that revenues could be $149 to $200 million less this fiscal year than projected before. Revenues may be $177 to $305 million below an earlier estimate for next year.

State officials are meeting Tuesday to set revised estimates that are needed before legislators can finalize the budget.

Copyright 2016 Associated Press. All rights reserved.

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