December 2015 State Revenue Report

Liz Gullett

Jan 22, 2016

This week, the Senate Fiscal Agency (SFA) released their monthly revenue report for December 2015. According to their numbers, December tax collections were $231.7 million lower than their estimates at the May 2015 consensus revenue estimating conference. The breakdown as to where the collections were earmarked for is as follows; $137.4 million to the General Fund, $83.1 million to the School Aid Fund, and the remaining $11.2 million is to other funds, mostly for constitutional revenue sharing. The decreased revenue is being attributed to lower than projected sales tax collections, coupled with higher than estimated Michigan Business Tax refunds. Year-to-date collections are also below the estimates made in May; $214.9 million lower in the General Fund and $89.3 million lower to the School Aid Fund.

To view the full report, please click here.

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