BREAKING NEWS: STATE SHORT $130 MILLION IN SEPTEMBER
Today at 12:42pm
From Gonwer News Service:
Revenues Short By $130 Million General fund revenues through September are down $65 million, while the School Aid Fund is short another $65 million compared to what the state’s three fiscal experts predicted back in May for the 2008-09 fiscal year, according to a memo released by the House Fiscal Agency. The information comes as the conference committee on the K-12 budget is scheduled to meet this morning.
Income tax revenues (Raised in 2007) are down 22.6 percent compared to a year ago, while the sales and use taxes are down 15.3 percent.
The state’s business tax is down 37 percent. (This tax was raised by 22% in 2007)
Overall, tax revenues are down 14 percent through September compared to the same time last year.
It uglier every month that goes by. We need true reform in the state of Michigan.
Ken - what's happening???
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