Revenue Report Released

Liz Gullett

Jul 15, 2016

This week, the nonpartisan Senate Fiscal Agency released the June 2016 monthly revenue report. According to the report, revenue for the General and School Aid Funds was 3.8% below June 2015 levels. General Fund earmarked revenue was $85 million below projections, while School Aid Fund earmarked revenue was $1.2 million more than anticipated. Most tax collections were below estimates, however the use tax collected $16.6 million less than projected and was a major contributing factor to the monthly numbers. Additionally, refunds for income taxes and the Michigan Business Tax were higher than estimated. Sales tax receipts were $39.2 million below estimates and only increased 0.6% from the 2015 level. Business tax collections were also down for the month, due to refunds exceeding collections for the third consecutive month.

To view the full monthly report, please click here.

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