Fiscal Year Revenue Declines

Nov 17, 2023

by Liz Gullett

As MLC’s Communications and Social Media Manager, Liz Gullett keeps clients informed and up-to-date on the goings on in Lansing and the Capitol.

The House Fiscal Agency released its latest monthly revenue report, outlining the collections for the month. Additionally, as October marked the end of the 2022-2023 Fiscal Year, the report laid out the collections for the fiscal year and how they lined up to the prior fiscal year.

2022 – 2023 Fiscal Year:

    • Cash collections declined 4.9% from the prior fiscal year.
    • Gross income tax collections declined $1,656.8 million from the prior fiscal year due to the new flow through entity tax.
    • Consumption tax revenue also declined from the prior fiscal year by $109.9 million.

October 2023:

    • Sales tax collections came in 0.7% less than the prior month.
    • General Fund/General Purpose revenue from major taxes for October was $169.2 million below prior projections, while cash collections came in $61.5 million under prior estimates.
    • School Aid Fund revenue from major taxes was $93.7 million less than prior estimates.
    • Cash collections last month totaled $3,860.3 million, an increase of $117.6 million from October 2022.

To read the full report by the House Fiscal Agency, please click here.

Michigan Legislative Consultants is a bipartisan lobbying firm based in Lansing, Michigan. Our team of lobbyists and procurement specialists provide a wide range of services for some of the most respected companies in America. For more on MLC, visit or connect with us on LinkedIn and Twitter.

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