LANSING, Mich. (WZMQ) – State economists have released the second and final consensus on revenue estimates for 2024. The economists from the House and Senate fiscal agencies and the State Budget Office held their May conference this morning to lock in a revenue picture after income tax season so the state budget can be finalized.
The new projections predict Michigan to bring in $31.7 billion in tax revenue this year, a .6 % increase from January’s estimate.
The state’s general fund grew, but school aid money dipped slightly because of slow consumer spending. State Treasurer, Rachael Eubanks said the state’s modest surplus means Michigan lawmakers and Governor Gretchen Whitmer will have slightly more money available to spend than previously projected for their proposed $80 billion budget.
“This conference reflects a strong and stable foundation for the budget process,” Eubanks said. “Compared to previous conferences, today was a little bit boring. Which is good when forecasting revenues and finalizing a budget.”
The State Budget Office now has the final numbers to complete the budget for the next fiscal year. Michigan’s State Budget Director said they hope to have it completed and passed this June.
