Monday, May 16, 2011

MIRS (Michigan Independent Research Service) BREAKING NEWS:

Revenues for Fiscal Year (FY) 2012 are $500 million flusher than was estimated in January, according to today's Consensus Revenue Estimating Conference (CREC)

The exact number agreed to by the Treasury Department, House Fiscal Agency (HFA) and Senate Fiscal Agency (SFA) is $498.6 million. Estimates don't include the tax overhaul passed by the Legislature last week.

The General Fund is up $356.9 million and the School Aid Fund is up $141.7 million.

The tax plan does not impact FY '11. However, it will mean $154.7 million more for the General Fund for a net impact of $511.6 million.
The SAF will lose $689.9 million under the tax plan for a net impact of a $548.3 million loss.
The combined net impact of the tax plan is a loss of $36.7 million.