May Revenue Collections Slightly Above Estimates

Jun 14, 2024

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 monthly revenue update, showing cash collections last month increased $145.3 million from the prior year, totaling $2,636 million. General Fund/General Purpose revenue is estimated to be $1,202.9 million, which is $214.5 million above prior estimates. While School Aid Fund dedicated revenue is estimated to be $1,268.5 million, an increase of $72.6 million above projections.

Key Points:

    • Fiscal year-to-date collections are 3.7% lower than the prior fiscal year.
    • Net income tax revenue for May 2024 totaled $1,080.1 million.
    • Consumption tax revenue came in at $1,158.7 million, which is $88.9 million lower than the prior year on a year-to-date basis.
    • Use tax collections were $90.4 million more than the prior year.

To read the full May 2024 Revenue Update, 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 www.mlcmi.com or connect with us on LinkedIn and Twitter.

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