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March 7, 2021
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STATE BUDGET
(2007-05-10)
(wgvu) - STATE GOVERNMENT COLLECTED MORE TAX
REVENUE IN APRIL THAN EXPECTED. BUT THE GOOD NEWS ISN'T LIKELY TO
LAST ONCE THIS MONTH'S NUMBERS COME IN.
THE STATE OF MICHIGAN BROUGHT IN 19-PERCENT MORE REVENUE LAST
MONTH THAN A YEAR AGO. THAT BROKE A STREAK OF FIVE STRAIGHT MONTHS
WHERE REVENUES FELL SHORT OF YEAR-EARLIER LEVELS.
BUT ANALYSTS ATTRIBUTE THE STRONG MONTH TO THE TIMING OF ANNUAL
INCOME AND BUSINESS TAX PAYMENTS. THEY SAY MORE REVENUE IS NOT
BEING GENERATED IN THE LONG RUN.
THE STATE IS FACING AN ESTIMATED 700 MILLION-DOLLAR
SHORTFALL IN THIS BUDGET YEAR.
GOVERNOR GRANHOLM AND LAWMAKERS HAVE RESOLVED SOME OF THE
DEFICIT. BUT THE PROBLEM IS GROWING BECAUSE TAX REVENUES HAVE
FALLEN SHORT OF PROJECTIONS IN RECENT MONTHS.
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