The recent November Revenue Report released by the Senate Fiscal Agency (SFA), revealed that Michigan’s General Fund and School Aid Fund tax collections fell short of the projections outlined in the May 2023 Consensus Revenue Estimating Conference (CREC). The General Fund taxes were reportedly $25.9 million below the estimated figures, while the School Aid Fund collections lagged by $41.6 million compared to the forecasts.
This shortfall was attributed to lower-than-expected sales tax collections and individual income tax withholding. Despite this, the report noted higher revenues in lottery revenue, use tax collections, and net Michigan Business Tax collections. Overall, the data shows a deficit in revenues for November compared to previously forecasted levels.