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State Lawmakers May Have To Rethink The State Budget

 
State Lawmakers May Have To Rethink The State Budget
Posted Thursday, May 15th 2014 @ 4am  by Michigan Radio Network

It appears legislators in Lansing may have to rethink some of the state budget.

However the two fiscal agencies in Lansing disagree on exactly how much rethinking lawmakers will have to do.

The House Fiscal agency has issued a report saying estimated revenue is down $422 million dollars this year and $450 million dollars next year.

That would wipe out most of the budget surplus that had been anticipated just four months ago. But the Senate Fiscal Agency's prediction isn't quite as gloomy. It says revenues will be down by about $290 million this fiscal year, and about $378 million for next fiscal year.

That's a difference of about $200 million dollars between the two estimates. Either way, it means legislators may have to rethink their spending plans for both years. The totals include both General Fund and School Aid Fund revenue.

Both reports will be formally unveiled at the May Revenue Estimating Conference in Lansing on Thursday.

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