Monthly Revenue Down from the Prior Year

Liz Gullett

Mar 17, 2023

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 remaining $1.6 million in below-forecast collections were directed to other funds, mostly the Medicaid Benefits Trust Fund and the Michigan Strategic Fund.

Additional information from the monthly report by the Senate Fiscal Agency includes:

- During February 2023, net income tax revenue was 40.1% below the February 2022 amount and $127.3 million below estimates.
- Sales tax receipts totaled $794.7 million last month, a 9% increase from the prior year and $40.7 million above projections.
- Use tax collections came in at $175.3 million, an increase of 2.9% from the prior year but $12.5 million below projections.

To read the full February 2023 monthly revenue report, please click here.

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