Updates About Revenue Reports

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.

The House and Senate Fiscal Agency issued their July revenue reports showing an increase in Michigan’s tax revenues from Fiscal Year 2020-21. Tax revenues also came in higher than estimates issued by the May Consensus Revenue Estimating Conference.

The Senate Fiscal Agency reported that revenues from taxes with the General Fund and School Aid Fund earmarks totaled $2.9 billion – an 8.9 percent increase from July 2021. Tax collections for the month were reported at $275.7 million above estimated levels.

The House Fiscal Agency reported cash collections from major taxes, penalties, interest, and lottery transfers totaled approximately $2.8 billion for July 2022 or $229.1 million more than July 2021. For fiscal-year-to-date, collections were reported 17.5 percent higher in FY 2021-22 compared to FY 2020-21.

On July 12, the Senate Fiscal Agency issued its June revenue report showing sales tax collections for June came in around $1 billion – 13.6 percent over 2021 and $125.6 million higher than expectations set during the May Revenue Estimating Conference. It was also the first time monthly sales tax revenues have exceeded $1 billion.

Combined, General Fund and School Aid Fund collections for the month totaled $3 billion – 10.7 percent above 2021 levels and $277 million higher than forecasts.

The House Fiscal Agency issued similar numbers in its June report, showing total collections at $3.7 billion for June - $341 more than June 2021. Year-to-date the agency said state revenues were $3.5 billion more than the 2020-21 fiscal year.