Despite ($1.04 billion) surplus, Michigan may need to cut school spending in 2013 [View all]
Source: Detroit News
January 3, 2013 at 5:00 pm
Despite surplus, Michigan may need to cut school spending in 2013
By Karen Bouffard
Detroit News Lansing Bureau
Lansing — Michigan will close the books on fiscal year 2011-12 with $1.04 billion more in general fund revenue than estimated in May — but the surplus will make up for less revenue than expected in 2013, according to a new Senate Fiscal Agency report.
The report, released in advance of next week's revenue estimating conference in Lansing, found that Michigan's economy is growing slower than anticipated, and the state can expect budgets to remain tight and unemployment stubbornly high through 2014. The conference will include estimates from the Treasury Department and the House Fiscal Agency.
The Senate Fiscal Agency report was done in late December before Congress approved the fiscal cliff agreement that eliminates a payroll tax holiday and increases the highest federal income tax rate to 39.6 percent from 35 percent for individuals making $400,000 a year and joint filers earnings $450,000 annually. President Barack Obama has said he will sign the legislation into law.
Read more: http://www.detroitnews.com/article/20130103/POLITICS02/301030448#ixzz2GyQS95av
This is the kinda shit that happens when teabaggers are in total control of government!
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