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Monthly Revenue Reports Released

Apr 21, 2017

This week the House and Senate Fiscal Agencies released their monthly revenue reports for March 2017.  Collections for the month were $1,193.2 million, which is $161.6 million less than March 2016 and $165.8 million below the projected amount.  However, fiscal year-to-date collections are 2.2% higher than the prior fiscal year.

General Fund revenue for the month was $205.2 million, $199.9 million below projections.  Likewise, year-to-date collections are $163.2 million below the estimated amount.  Revenue earmarked for the School Aid Fund was $894.9 million last month, which is $12.2 million more than estimated. 

Net income tax revenue was $395.8 million last month, which is $14.5 million below estimates and 12.5% lower than the prior month.  Combined business tax collections were negative $138.4 million for the month, $159.6 million below the projected amount.  Last month’s collection numbers were due to lower Corporation Income Tax collections than estimated and greater than projected Michigan Business Tax refunds.

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

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