February’s Monthly Revenue Report Released

Liz Gullett

Mar 18, 2016

This week, the non-partisan Senate Fiscal Agency released their monthly revenue report for February 2016. Revenue for the General Fund and School Aid Fund totaled $1.0 billion for the month, a decrease of 1.3% from February 2015. Revenue to the General Fund was $38.8 million below estimates, while the School Aid Fund collections were $30.8 million greater than estimated. There was an additional $1.3 million in collections that were higher than projected, which go mostly to constitutional revenue sharing. Additionally, tax collections were $6.7 million less than estimates, due in large part to higher than projected Michigan Business Tax refunds. Net Income Tax revenue was 33.2% higher from February 2015 and withholding payments were 19.2% higher than a year ago, due in part to profit-sharing bonus checks from Chrysler and General Motors.

To view the full report, please click here.

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