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Last updated 5:21PM ET
February 27, 2021
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Budget Help
(2007-06-13)
(wgvu) - Governor Jennifer Granholm yesterday
signed a bill to resolve a large portion of the state's budget
problems for this fiscal year.
The bill allows the state to sell part of Michigan's future
tobacco lawsuit settlement.
The deal should raise about 415 million dollars to help this
fiscal year, but the state will give up its rights to what would be
larger settlement payments due in future years.
The tobacco securitization deal is part of an overall agreement
between the Democratic governor, Republican-led Senate and
Democratic-controlled House to eliminate a hole in this year's
budget.
It's expected the budget will be balanced without a tax increase
or cuts to K-12 public schools.
A lot of work remains to balance the budget for next fiscal year
and to replace the state's main business tax.
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