Recovering Economy Could Stabilize Michigan Budget
LANSING (AP) - Michigan officials are hopeful that the state's gradually recovering economy should help stabilize the state's government budget situation.
The state treasurer and directors of the House and Senate fiscal agencies are meeting Friday to estimate how much revenue the state will take in this fiscal year and next fiscal year. After a decade of deficits, Michigan is expected to head into the next budget year on relatively solid footing.
More revenue has come into state government than revenue estimators expected when they last met in May. But revenue growth will be limited and could even decline slightly in the school aid fund in some of the next few years, according to some forecasts.
University of Michigan economist George Fulton said "much of today's news is positive."
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