Mich may be short money for next budget

LANSING, Mich. (AP) — Michigan's government may close last budget year with $1.2 billion on hand, but it will be needed to balance the current budget.

That's one conclusion in a report from the Senate Fiscal Agency. The report dated last week will be one of three used when state officials agree on a revenue forecast Jan. 11.

The forecast will be used to draft a new state budget starting in October and to revise spending in the current budget.

Analysts say Michigan's main funds will bring in $19.8 billion this budget year, or $372 million less than projected last May.

They warn school spending may have to be cut $150 per student next year. The reduction could be avoided if courts free up school employees' contributions toward retiree health care sitting in escrow.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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Michigan (change)

 
Michigan is governed as a republic, with three branches of government: executive, legislative and judicial. The state also allows direct participation of the electorate by initiative, referendum, recall, and ratification.
 
Offices & Officials

Governor: Rick Snyder
Lieutenant Governor: Brian Calley
Attorney General: Bill Schuette
Secretary of State: Ruth Johnson

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