Insider Intelligence

In a potential sign of a slowing economy, March revenue numbers came in below the prior year and less than previous projections. Major taxes and net lottery revenue was $2.1 billion for March 2023, down 21.5% from the prior year and $104.5 million below Senate Fiscal Agency projections. While most revenue sources exhibited less-than-expected collections, […]

Michigan’s total revenue last month came in 9.6% below the February 2022 collections at $1.6 billion. Additionally, the February 2023 tax collections were $100.1 million below the projections adopted at January’s Consensus Revenue Estimating Conference. General Fund dedicated collections were $99 million below estimates, while School Aid Fund collections were $6.2 million above estimates. The […]

Last month, revenue earmarked for the General Fund (GF) and School Aid Fund (SAF) increased 4.1% over the August 2021 amount and was $304.8 million above prior projections. The majority of the higher-than-expected revenue came from greater-than-expected sales tax collections and less-than-expected individual income tax refunds. Collections earmarked for the GF were $227.3 million above […]

Last month, major tax revenue earmarked for the general fund and school aid fund declined 8.9% from the May 2021 level. However, the $2.6 billion May 2022 collections were $93.5 million higher than previously estimated. Collections to the General Fund were $135.1 million more than previously projected, while collections to the School Aid Fund came […]

April’s monthly revenue earmarked for the general fund and school aid fund totaled $3.7 billion, a 30.3% increase from April 2021. Tax collections for the month were $1.1 billion more than prior estimates, according to data released by the nonpartisan Senate Fiscal Agency. Revenue earmarked for the General Fund came in $847.3 million above prior […]

March’s revenue earmarked for the General Fund (GF) and School Aid Fund (SAF) totaled $1.4 billion, an increase of 17.5% from the prior year. The total revenue for the month was $43.8 million higher than prior estimates. GF collections were $35.4 million above estimates and the SAF revenue was also higher by $12 million. Net […]

This week, the non-partisan House Fiscal Agency released revenue data for October 2017. Last month, total cash collections were $74.2 million more than October 2016, coming in at $2,924.4 million.  Below are additional highlights from the report: Net income tax revenue – $799 million in revenue last month Net Business taxes – On a fiscal […]

This week, the non-partisan Senate Fiscal Agency released their revenue numbers for August 2017.  Last month, General Fund and School Aid Fund taxes increased 4.3% from the prior year, totaling $2 billion.  Tax collections for the month were roughly $6 million below prior estimates. General Fund earmarked collections were $5.4 million below projections, while School […]