House Fiscal Agency Issues August Revenue Report
Update: Sep 5-16, 2022
The House Fiscal Agency issued its August revenue report showing General Fund tax revenue for FY 22 came in $1.2 billion above projections made during the May Consensus Revenue Estimating Conference (CREC); $85.9 million above CREC projections for the month. Must of the higher than anticipated revenues were attributed to income tax refunds not yet being paid out. In August, sales and use tax revenues came in at $25 million; continuing to exceed expectations.
Cash collections from Michigan’s taxes, penalties, interest, and lottery transfers totaled $2.7 billion, or $135.1 million more than the previous year. Fiscal year-to-date collections for 2021-22 were cited at 16.1% higher than fiscal year 2020-21.
The School Aid Fund revenue came in around $1.4 billion in August, approximately $67.8 million above the estimated amounts from the May 2022 Consensus Revenue Estimating Conference. Lottery transfers, however, were about $28.1 million below estimated amounts.