Updates About Revenue Reports

The Senate and House Fiscal Agencies reported 14.9 percent higher revenue collections in 2021-2022 than the previous fiscal year, according to the most recent October revenue update issued by those agencies.

According to the House Fiscal Agency, collections were $4.6 billion higher than the previous fiscal year with General Fund (GF) collections at $1.6 billion above the projected amount and School Aid Fund at $317.9 million above consensus estimates for the fiscal year. The Senate report showed similar numbers with the GF collections at $1.5 billion above consensus estimates and School Aid Fund collections at $414.7 million above consensus estimates. However, the agency stated that the above-consensus GF collections are likely to be partially offset by individual income tax refunds that came in below forecast.

The House and Senate Fiscal Agency issued their September revenue reports, once again showing higher revenues when compared to 2021 collections.

The Senate Fiscal Agency reported that revenues from taxes with the General Fund and School Aid Fund earmarks totaled $3.8 billion, which is a 13.4 percent increase from September 2021. Tax collections for the month were reported at $476.4 million above estimated levels from the May 2022 Consensus Revenue Estimating Conference.

The House Fiscal Agency reported cash collections from major taxes, penalties, interest, and lottery transfers totaled approximately $3.8 billion for September 2022, $464.9 million more than July 2021. For fiscal-year-to-date, collections were reported 15.9 percent higher in FY 2021-22 compared to FY 2020-21.

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.